Second quarter 2017 GAAP net income was $13.2 million, or $0.26 per diluted share, compared to $1.2 million, or $0.02 per diluted share, in first quarter 2017 and $5.8 million, or $0.12 per share, in second quarter 2016.
Second quarter 2017 non-GAAP adjusted net income was $17.8 million, or $0.36 per diluted share, which excluded, net of tax, $3.8 million of non-cash acquisition-related intangible asset amortization costs and $0.8 million of restructuring costs related to KFAB closure accruals. This compares to non-GAAP adjusted net income of $7.0 million, or $0.14 per diluted share, in first quarter 2017 and $9.8 million, or $0.20 per diluted share, in second quarter 2016.
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, 2017 | ||||||||
| GAAP net income | $ | 13,179 | ||||||
| GAAP diluted earnings per share | $ | 0.26 | ||||||
| Adjustments to reconcile net income to non-GAAP net income: | ||||||||
| M&A | ||||||||
| Pericom | 2,599 | |||||||
| Retention costs | 103 | |||||||
| Amortization of acquisition-related intangible assets | 2,496 | |||||||
| Others | 1,260 | |||||||
| Amortization of acquisition-related intangible assets | 1,260 | |||||||
| KFAB - Restructuring | 808 | 808 | ||||||
| Non-GAAP net income | $ | 17,846 | ||||||
| Non-GAAP diluted earnings per share | $ | 0.36 | ||||||
