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Earnings (Loss) Per Share
3 Months Ended
Oct. 02, 2011
Earnings Per Share [Abstract] 
Earnings (Loss) Per Share
Earnings (Loss) Per Share
    
The Company computes earnings (loss) per share using the two-class method, an earnings allocation formula that determines earnings (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company’s unvested grants of restricted stock and deferred stock awards contain non-forfeitable rights to dividends (whether paid or unpaid), which are required to be treated as participating securities and included in the computation of basic earnings (loss) per share.

Information on earnings (loss) per share is as follows (in thousands except per share data):
 
 
 
Three Months Ended
 
 
 
October 2,
2011
 
September 26,
2010
 
Net Loss
 
$
(5,220
)
 
$
(8,114
)
 
Less: Dividends Attributable to Unvested Shares
 
(80
)
 
(70
)
 
Net Loss Available to Common Shareholders
 
$
(5,300
)
 
$
(8,184
)
 
Weighted Average Shares Outstanding
 
49,818

 
49,665

 
Diluted Average Shares Outstanding
 
49,818

 
49,665

 
Basic Earnings (Loss) Per Share
 
$
(0.10
)
 
$
(0.16
)
 
Diluted Earnings (Loss) Per Share
 
$
(0.10
)
 
$
(0.16
)
 

    
The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. As a result of the Company incurring a loss from continuing operations for the three months ended October 2, 2011 and September 26, 2010, potential incremental common shares of 826,000 and 273,000, respectively, were excluded from the calculation of diluted EPS for each period because the effect would have been anti-dilutive. In addition, the following options to purchase shares of common stock were excluded from the calculation of diluted earnings per share as the exercise prices were greater than the average market price of the common shares:
 
 
 
Three Months Ended
 
 
 
October 2,
2011
 
September 26,
2010
 
Options to Purchase Shares of Common Stock (in thousands)
 
4,040

 
3,826

 
Weighted Average Exercise Price of Options Excluded
 
$
26.59

 
$
28.08

 


On August 10, 2011, the Board of Directors of the Company authorized up to $50 million in funds for use in a common share repurchase program with an expiration of June 30, 2013. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. As of the end of the first quarter of fiscal 2012, the Company repurchased 219,200 shares on the open market at an average price $14.23 per share. There were no shares repurchased in fiscal 2011.