Second quarter 2016 GAAP net income was $5.8 million, or $0.12 per diluted share, compared to GAAP net loss of $1.7 million, or ($0.04) per share, in the first quarter 2016 and GAAP net income of $15.1 million, or $0.31 per diluted share, in the second quarter 2015.
Second quarter 2016 non-GAAP adjusted net income was $9.8 million, or $0.20 per diluted share, which excluded, net of tax, $5.1 million of non-cash acquisition-related intangible asset amortization costs. This compares to non-GAAP adjusted net income of $5.9 million, or $0.12 per diluted share, in the first quarter 2016 and $16.6 million, or $0.34 per diluted share, in the second quarter 2015.
The following is an unaudited summary reconciliation of GAAP net income to non-GAAP adjusted net income and per share data, net of tax (in thousands, except per share data):
| Three Months Ended | |||||||||
| June 30, 2016 | |||||||||
| GAAP net income | $ | 5,752 | |||||||
| GAAP diluted earnings per share | $ | 0.12 | |||||||
| Adjustments to reconcile net income to non-GAAP net income: | |||||||||
| M&A Activities | |||||||||
| Pericom | 2,564 | ||||||||
| Transaction costs | (120 | ) | |||||||
| Retention costs | 258 | ||||||||
|
Amortization of acquisition-related intangible assets |
2,708 | ||||||||
| Employee award costs | (282 | ) | |||||||
| Others | 1,451 | ||||||||
|
Amortization of acquisition-related intangible assets |
1,451 | ||||||||
| Non-GAAP net income | $ | 9,767 | |||||||
| Non-GAAP diluted earnings per share | $ | 0.20 | |||||||
