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Earnings (Loss) Per Share
 6 Months Ended
Dec. 30, 2012
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
 
Six Months Ended
 
 
December 30,
2012
 
January 1,
2012
 
December 30,
2012
 
January 1,
2012
Net Income (Loss)
 
$
(635
)
 
$
2,697

 
$
(17,162
)
 
$
(2,523
)
Less: Dividends Attributable to Unvested Shares
 
(152
)
 
(80
)
 
(247
)
 
(207
)
Net Income (Loss) Available to Common Shareholders
 
$
(787
)
 
$
2,617

 
$
(17,409
)
 
$
(2,730
)
Weighted Average Shares Outstanding
 
46,909

 
49,418

 
47,021

 
49,746

Diluted Average Shares Outstanding
 
46,909

 
50,326

 
47,021

 
49,746

Basic Earnings (Loss) Per Share
 
$
(0.02
)
 
$
0.05

 
$
(0.37
)
 
$
(0.05
)
Diluted Earnings (Loss) Per Share
 
$
(0.02
)
 
$
0.05

 
$
(0.37
)
 
$
(0.05
)


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 December 30, 2012 and the six months ended December 30, 2012 and January 1, 2012, potential incremental common shares of 1,219,000, 1,150,000, and 887,000, 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
 
Six Months Ended
 
 
December 30,
2012
 
January 1,
2012
 
December 30,
2012
 
January 1,
2012
Options to Purchase Shares of Common Stock (in thousands)
 
2,877

 
4,712

 
3,277

 
4,041

Weighted Average Exercise Price of Options Excluded
 
$
27.73

 
$
24.91

 
$
26.64

 
26.59



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. On August 8, 2012, the Board of Directors of the Company authorized up to an additional $50 million in funds associated with the common share repurchase program and an extension of the expiration date to June 30, 2014. 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. During the six months ended December 30, 2012, the Company repurchased 1,053,125 shares on the open market at an average price of $18.26 per share as compared to 801,843 shares purchased on the open market at an average price of $14.20 per share during the six months ended January 1, 2012.