Earnings Per Share

9 Months Ended

Mar. 29, 2020

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						Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Net Income (Loss)	$	(144,606)	$	8,005	$	(193,587)	$	(35,543)
Less: Allocation to Participating Securities	—		(196)		(127)		(455)
Net Income (Loss) Available to Common Shareholders	$	(144,606)	$	7,809	$	(193,714)	$	(35,998)
Average Shares of Common Stock Outstanding	41,726		41,527		41,685		41,691


Shares Used in Calculating Diluted Earnings (Loss) Per Share	41,726		41,527		41,685		41,691
Basic Earnings (Loss) Per Share	$	(3.47)	$	0.19	$	(4.65)	$	(0.86)
Diluted Earnings (Loss) Per Share	$	(3.47)	$	0.19	$	(4.65)	$	(0.86)

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 net loss for the three and nine months ended March 29, 2020, potential incremental common shares of 518,531 and 562,556, respectively, were excluded from the calculation of diluted earnings (loss) per share because the effect would have been anti-dilutive.

On April 25, 2018, 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 30, 2020. As of March 29, 2020, the total remaining authorization was approximately $38.1 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 debt covenants. During the nine months ended March 29, 2020, the Company repurchased no shares on the open market, as compared to 725,321 shares purchased on the open market at an average price of $16.46 per share during the nine months ended March 31, 2019.