Net Loss Per Share

12 Months Ended

Jan. 02, 2021

Note 6 – Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Fiscal Year Ended
	January 2, 2021		December 28, 2019
Net loss per share:
Numerator:
Net loss	$	(1,513)	$	(31,548)
Dividends on Series A Convertible Preferred Stock		(71)		(161)
Net loss allocable to common shares	$	(1,584)	$	(31,709)
Denominator:
Weighted-average common shares outstanding (basic and diluted)		42,333		35,720
Basic and diluted net loss per share	$	(0.04)	$	(0.89)

The anti-dilutive securities, which are excluded from the calculation of diluted earnings per share due to their anti-dilutive effect are as follows (in thousands):


	Fiscal Year Ended
	January 2, 2021	December 28, 2019
Performance stock units	—	1
Restricted stock units	42	43
Series A Convertible Preferred Stock (a)	1,251	2,771
Options to purchase common stock	166	6,532
Total	1,459	9,347

(a)

On June 19, 2020, each outstanding share of the Series A Convertible Preferred Stock (“Preferred Stock”) automatically converted to one share of the Company’s common stock. This automatic conversion was required pursuant to Section 4 of the Preferred Stock purchase agreement (dated March 25, 2013) because the volume weighted average price for the common stock price was equal to, or exceeded, $4.35 for 30 consecutive trading days. The Company issued an aggregate of 2,620,687 shares of common stock in connection with the automatic conversion.