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Shareholders' Equity
3 Months Ended
Sep. 25, 2011
Stockholders' Equity Note [Abstract] 
Shareholders' Equity
Shareholders’ Equity
In connection with the acquisition of Ruud Lighting, the Company issued 6.1 million shares of common stock valued at approximately $211.0 million. The shares are subject to certain transfer restrictions under the Stock Purchase Agreement that will generally lapse with respect to 25% of the shares held (i) at the completion of the consecutive six-month period following the date of the closing of the transaction; and, (ii) at the completion of each of the following three successive six-month periods, such that all restrictions will lapse by the second anniversary of the closing.
As of September 25, 2011, the Company is authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $200.0 million for all purchases from June 16, 2011 through the expiration of the program, as authorized by the Board of Directors and extended through June 24, 2012. During the three months ended September 25, 2011, the Company did not repurchase any shares under the repurchase program.
The following presents a summary of activity in comprehensive income, net (in thousands):
 
 
Three Months Ended
 
September 25,

2011
 
September 26,

2010
Net income
$
12,819


 
$
58,036


Other comprehensive income:
 
 
 
Net unrealized gain (loss) on available-for-sale securities, net of tax (expense) benefit of $661 and $565 respectively
(1,092
)
 
933


Currency Translation Gain
$
520


 
$
—


Comprehensive income
$
12,247


 
$
58,969






During the first quarter of fiscal 2012, approximately $1.0 million of unrealized gains were reclassified out of accumulated other comprehensive income into earnings for the period, and are included in "Other non-operating income, net" in the Consolidated Statements of Income of this Quarterly Report on Form 10-Q.