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Shareholders' Equity
 9 Months Ended
Mar. 25, 2012
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. As discussed in "Note 2. Acquisitions", the post-closing working capital adjustment included the return of 15,895 shares of the Company's common stock, which were received in the fourth quarter of fiscal 2012.
The shares issued in connection with the acquisition 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 March 25, 2012, 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 nine months ended March 25, 2012, 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
 
Nine Months Ended
 
March 25,
2012
 
March 27,
2011
 
March 25,
2012
 
March 27,
2011
Net income
$
9,489

 
$
18,881

 
$
34,386

 
$
126,692

Other comprehensive income:
 
 
 
 

 

Net unrealized gain (loss) on available-for-sale securities, net of tax (expense) benefit of $(290), $(46), $915 and $566 respectively
480

 
77

 
(1,512
)
 
(935
)
Currency Translation Gain (Loss)
440

 
—

 
(144
)
 
—

Comprehensive income
$
10,409

 
$
18,958

 
$
32,730

 
$
125,757


For the nine months ended March 25, 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.