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Earnings Per Share
12 Months Ended
Jun. 26, 2011
Earnings Per Share  
Earnings Per Share

Note 10 – Earnings Per Share

The following presents the computation of basic earnings per share (in thousands, except per share amounts):

 

     Fiscal Years Ended  
     June 26,
2011
     June 27,
2010
     June 28,
2009
 

Basic:

     

Net income

   $ 146,500       $ 152,290       $ 30,325   
  

 

 

    

 

 

    

 

 

 

Weighted average common shares

     108,522         102,371         88,263   
  

 

 

    

 

 

    

 

 

 

Basic earnings per share

   $ 1.35       $ 1.49       $ 0.34   
  

 

 

    

 

 

    

 

 

 

The following computation reconciles the differences between the basic and diluted earnings per share presentations (in thousands, except per share data):

 

     Fiscal Years Ended  
     June 26,
2011
     June 27,
2010
     June 28,
2009
 

Diluted:

        

Net income

   $ 146,500       $ 152,290       $ 30,325   
  

 

 

    

 

 

    

 

 

 

Weighted average common shares - basic

     108,522         102,371         88,263   

Dilutive effect of stock options, unvested shares and ESPP purchase rights

     1,513         2,327         818   
  

 

 

    

 

 

    

 

 

 

Weighted average common shares - diluted

     110,035         104,698         89,081   
  

 

 

    

 

 

    

 

 

 

Diluted earnings per share

   $ 1.33       $ 1.45       $ 0.34   
  

 

 

    

 

 

    

 

 

 

Potential common shares that have the effect of increasing diluted earnings per share are considered to be antidilutive and as such, these shares are not included in calculating diluted earnings per share. As of June 26, 2011, June 27, 2010 and June 28, 2009, there were 2.0 million, 0.4 million and 7.0 million, respectively, not included in calculating diluted earnings per share because their effect was antidilutive.