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Earnings Per Share
 9 Months Ended
Mar. 29, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The following table presents the computation of basic earnings per share (in thousands, except per share amounts):
 
Three Months Ended
 
Nine Months Ended
 
March 29,
2015
 
March 30,
2014
 
March 29,
2015
 
March 30,
2014
Net income

$651

 

$28,164

 

$23,932

 

$94,342

Weighted average common shares
110,662

 
121,535

 
115,177

 
120,677

Basic earnings per share

$0.01

 

$0.23

 

$0.21

 

$0.78


The following computation reconciles the differences between the basic and diluted earnings per share presentations (in thousands, except per share amounts): 
 
Three Months Ended
 
Nine Months Ended
 
March 29,
2015
 
March 30,
2014
 
March 29,
2015
 
March 30,
2014
Net income

$651

 

$28,164

 

$23,932

 

$94,342

Weighted average common shares - basic
110,662

 
121,535

 
115,177

 
120,677

Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights
928

 
2,160

 
1,127

 
2,463

Weighted average common shares - diluted
111,590

 
123,695

 
116,304

 
123,140

Diluted earnings per share

$0.01

 

$0.23

 

$0.21

 

$0.77


Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted earnings per share. For the three and nine months ended March 29, 2015, there were 7.7 million and 6.8 million, respectively, of potential common shares not included in the calculation of diluted earnings per share because their effect was anti-dilutive. For the three and nine months ended March 30, 2014, there were 3.1 million and 2.4 million, respectively, of potential common shares not included in the calculation of diluted earnings per share because their effect was anti-dilutive.