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Earnings (Loss) Per Share
 6 Months Ended
Jan. 01, 2017
Earnings Per Share [Abstract]  
Earnings 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, restricted stock units, 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
 
 
January 1,
2017
 
December 27,
2015
 
January 1,
2017
 
December 27,
2015
Net Income (Loss)
 
$
15,251

 
$
12,560

 
$
1,103

 
$
(5,611
)
Less: Allocation to Participating Securities
 
(332
)
 
(255
)
 
(225
)
 
(217
)
Net Income (Loss) Available to Common Shareholders
 
$
14,919

 
$
12,305

 
$
878

 
$
(5,828
)
Average Shares of Common Stock Outstanding
 
42,081

 
43,374

 
42,287

 
43,426

Diluted Average Shares Outstanding
 
42,142

 
43,470

 
42,337

 
43,426

Basic Earnings (Loss) Per Share
 
$
0.35

 
$
0.28

 
$
0.02

 
$
(0.13
)
Diluted Earnings (Loss) Per Share
 
$
0.35

 
$
0.28

 
$
0.02

 
$
(0.13
)


The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. 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
 
 
January 1,
2017
 
December 27,
2015
 
January 1,
2017
 
December 27,
2015
Options to Purchase Shares of Common Stock (in thousands)
 
408

 
1,365

 
408

 
408

Weighted Average Exercise Price of Options Excluded
 
$
20.82

 
$
19.43

 
$
20.82

 
$
20.82



As a result of the Company incurring a net loss for the six months ended December 27, 2015, potential incremental common shares of 758,000 were excluded from the calculation of diluted earnings (loss) per share because the effect would have been anti-dilutive.

On April 21, 2016, the Board of Directors authorized up to $50 million in funds for use in the common share repurchase program with an expiration date of June 29, 2018. As of January 1, 2017, the total remaining authorization was approximately $35.0 million. 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 January 1, 2017, the Company repurchased 787,343 shares on the open market at an average price of $19.25 per share, as compared to 1,343,968 shares purchased on the open market at an average price of $18.53 per share during the six months ended December 27, 2015.