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 29, 2013			December 30, 2012			December 29, 2013			December 30, 2012
Net Income (Loss)	$	702		$	(635	)	$	(18,647	)	$	(17,162	)
Less: Earnings Allocated to Participating Securities	(151		)	(152		)	(302		)	(247		)
Net Income (Loss) Available to Common Shareholders	$	551		$	(787	)	$	(18,949	)	$	(17,409	)
Average Shares of Common Stock Outstanding	46,825			46,909			46,760			47,021
Diluted Average Shares Outstanding	47,987			46,909			46,760			47,021
Basic Earnings (Loss) Per Share	$	0.01		$	(0.02	)	$	(0.41	)	$	(0.37	)
Diluted Earnings (Loss) Per Share	$	0.01		$	(0.02	)	$	(0.41	)	$	(0.37	)

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 for the three months ended December 30, 2012 and for the six months ended December 29, 2013 and December 30, 2012, potential incremental common shares of 1,219,000, 1,142,000, and 1,150,000, respectively, were excluded from the calculation of diluted EPS for each period because the effect would have been anti-dilutive. The following options to purchase shares of common stock were excluded from the calculation of diluted earnings (loss) per share as the exercise prices were greater than the average market price of the common shares:



	Three Months Ended				Six Months Ended
	December 29, 2013		December 30, 2012		December 29, 2013		December 30, 2012
Options to Purchase Shares of Common Stock (in thousands)	1,845		2,877		1,348		3,277
Weighted Average Exercise Price of Options Excluded	$	28.64	$	27.73	$	31.88	$	26.64

On August 8, 2012, the Board of Directors of the Company authorized up to $50 million in funds associated with the common share repurchase program with an expiration date of June 30, 2014. As of December 29, 2013, the total remaining authorization was approximately $9.3 million. Also, on January 22, 2014, the Board of Directors of the Company authorized up to an additional $50 million in funds for use in the Company’s common share repurchase program with an extension of the expiration date to June 30, 2016. 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 29, 2013, the Company repurchased 1,066,447 shares on the open market at an average price of $19.77 per share, as compared to 1,053,125 shares purchased on the open market at an average price of $18.26 per share during the six months ended December 30, 2012.