XML 92 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
EARNINGS PER SHARE
 12 Months Ended
Sep. 28, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
Basic income (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the period. In addition, net income applicable to participating securities and the related participating securities are excluded from the computation of basic income per share.
Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period and, if there is net income during the period, the dilutive impact of common stock equivalents outstanding during the period. In computing diluted income per share, if convertible debt is assumed to be converted to common shares, the after-tax amount of interest expense recognized in the period associated with the convertible debt is added back to net income.
As of October 1, 2011, the Company determined that the Notes would not result in the issuance of any dilutive shares, since the conversion option was not “in the money” as of October 1, 2011. The Notes matured on June 1, 2012. The Company repaid the entire principal balance of the Notes of $110.0 million plus interest of $0.5 million in cash in fiscal 2012. No common shares were issued in connection with repayment of the Notes. Accordingly, diluted EPS excludes the effect of the conversion of the Notes.
The following tables reflect a reconciliation of the shares used in the basic and diluted net income per share computation for fiscal 2013, 2012, and 2011: 
 
 
Fiscal
(in thousands, except per share)
 
2013
 
2012
 
2011
 
 
Basic
 
Diluted
 
Basic
 
Diluted
 
Basic
 
Diluted
NUMERATOR:
 
 

 
 

 
 

 
 

 
 
 
 
Net income
 
$
59,358

 
$
59,358

 
$
160,580

 
$
160,580

 
$
127,610

 
$
127,610

Less: income applicable to participating securities
 
—

 
—

 
(5
)
 
(5
)
 
(716
)
 
(716
)
Net income applicable to common shareholders
 
$
59,358

 
$
59,358

 
$
160,575

 
$
160,575

 
$
126,894

 
$
126,894

DENOMINATOR:
 
 
 
 

 
 
 
 

 
 
 
 
Weighted average shares outstanding - Basic
 
75,132

 
75,132

 
73,887

 
73,887

 
71,820

 
71,820

Stock options
 
 
 
110

 
 
 
660

 
 
 
442

Time-based restricted stock
 
 
 
512

 
 
 
813

 
 
 
846

Market-based restricted stock
 
 
 
436

 
 
 
142

 
 
 
233

Weighted average shares outstanding - Diluted (1)
 
 
 
76,190

 
 
 
75,502

 
 
 
73,341

EPS:
 
 
 
 

 
 
 
 

 
 
 
 
Net income per share - Basic
 
$
0.79

 
$
0.79

 
$
2.17

 
$
2.17

 
$
1.77

 
$
1.77

Effect of dilutive shares
 
 
 
(0.01
)
 
 
 
$
(0.04
)
 
 
 
$
(0.04
)
Net income per share - Diluted
 
 
 
$
0.78

 
 
 
$
2.13

 
 
 
$
1.73

 
(1)
There were no potentially dilutive shares excluded for fiscal 2013. Fiscal 2012 and 2011 exclude 0.1 million and 0.4 million dilutive participating securities, respectively, as the income attributable to these shares was not included in EPS.