Second quarter 2018 GAAP net income was a record $25.1 million, or $0.49 per diluted share, compared to net income of $13.2 million, or $0.26 per diluted share, in second quarter 2017 and net income of $18.5 million, or $0.37 per share, in first quarter 2018.
Second quarter 2018 non-GAAP adjusted net income was a record $29.3 million, or $0.58 per diluted share, which excluded, net of tax, $3.8 million of non-cash acquisition-related intangible asset amortization costs and $0.4 million of restructuring expenses. This compares to non-GAAP adjusted net income of $17.8 million, or $0.36 per diluted share, in the second quarter 2017 and $24.2 million, or $0.48 per diluted share, in the first quarter 2018.
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, 2018 | |||||||
| GAAP net income | $ | 25,068 | |||||
| GAAP diluted income per share | $ | 0.49 | |||||
| Adjustments to reconcile net income to non-GAAP net income: | |||||||
| M&A | |||||||
| Pericom | 2,604 | ||||||
| Amortization of acquisition-related intangible assets | 2,604 | ||||||
| KFAB | 447 | ||||||
| Restructuring | 447 | ||||||
| Others | 1,228 | ||||||
| Amortization of acquisition-related intangible assets | 1,228 | ||||||
| Non-GAAP net income | $ | 29,347 | |||||
| Non-GAAP diluted earnings per share | $ | 0.58 | |||||
