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Earnings Per Share
 12 Months Ended
Jul. 02, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Note 4. Earnings Per Share
Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding ESPP, Full Value Awards, and options is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares.
The following table sets forth the computation of basic and diluted net (loss) income per share (in millions, except per share data):
 
Years Ended
 
July 2, 2016
 
June 27, 2015
 
June 28, 2014
Numerator:
 

 
 

 
 

Income (loss) from continuing operations, net of tax
$
(50.4
)
 
$
(131.4
)
 
$
(74.6
)
Loss from discontinued operations, net of tax
(48.8
)
 
43.3

 
56.8

Net income (loss)
$
(99.2
)
 
$
(88.1
)
 
$
(17.8
)
Denominator:
 
 
 
 
 
Weighted-average number of common shares outstanding
 
 
 
 
 
Basic
234.0

 
232.7

 
234.2

Effect of dilutive securities from stock-based benefit plans
—

 
—

 
—

Diluted
234.0

 
232.7

 
234.2

 
 
 
 
 
 
Net loss per share from - basic and diluted:
 
 
 
 
 
Continuing operations
$
(0.22
)
 
$
(0.57
)
 
$
(0.32
)
Discontinued operations
(0.20
)
 
0.19

 
0.24

Net income (loss)
$
(0.42
)
 
$
(0.38
)
 
$
(0.08
)

The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net (loss) income per share because their effect would have been anti-dilutive (in millions):
 
Years Ended
 
July 2, 2016 (1)(2)
 
June 27, 2015 (1)(2)
 
June 28, 2014 (1)(2)
Stock options and ESPP
3.4

 
3.6

 
4.9

Full Value Awards
10.9

 
10.3

 
10.1

Total potentially dilutive securities
14.3

 
13.9

 
15.0

(1)
As the Company incurred a net loss from continuing operations in the period, potential dilutive securities from employee stock options, employee stock purchase plan (“ESPP”) and Restricted Stock Units (“RSUs”) have been excluded from the diluted net loss per share computations as their effects were deemed anti-dilutive.
(2)
The Company’s 0.625% Senior Convertible 2033 Notes are not included in the table above. The par amount of convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and then the “in-the-money” conversion benefit feature at the conversion price above $11.28 per share is payable in cash, shares of the Company’s common stock or a combination of both. Refer to “Note 11. Debts and Letters of Credit” for more details.