Earnings (Loss) Per Share

9 Months Ended

Jul. 03, 2020

12. EARNINGS (LOSS) PER SHARE

The following table sets forth the computation for basic and diluted net loss per share of common stock (in thousands, except per share data):


	Three Months Ended						Nine Months Ended
	July 3, 2020		June 28, 2019		July 3, 2020		June 28, 2019
Numerator:


Net loss	$	(24,982)	$	(324,714)	$	(63,570)	$	(394,314)
Warrant liability gain	—		(1,927)		—		(5,788)
Net loss attributable to common stockholders	$	(24,982)	$	(326,641)	$	(63,570)	$	(400,102)

Denominator:
Weighted average common shares outstanding-basic	66,796		65,858		66,512		65,555
Dilutive effect of warrants	—		87		—		166
Weighted average common shares outstanding-diluted	66,796		65,945		66,512		65,722

Net loss to common stockholders per share-Basic:	$	(0.37)	$	(4.93)	$	(0.96)	$	(6.01)
Net loss to common stockholders per share-Diluted:	$	(0.37)	$	(4.95)	$	(0.96)	$	(6.09)

As of July 3, 2020, we had warrants outstanding which were reported as a liability on the condensed consolidated balance sheet. During the three and nine months ended June 28, 2019, we recorded warrant liability gains of $1.9 million and $5.8 million, respectively, associated with adjusting the fair value of the warrants in the condensed consolidated statements of operations primarily as a result of changes in our stock price. When calculating earnings per share, we are required to adjust for the dilutive effect of outstanding common stock equivalents, including adjustment to the numerator for the dilutive effect of contracts that must be settled in stock. During the three and nine months ended June 28, 2019, we adjusted the numerator by the warrant gains of $1.9 million and $5.8 million, respectively, and the denominator by the incremental shares of 86,746 and 166,318, respectively, under the treasury stock method. The table above excludes the effects of 1,766,561 and 1,543,686 shares for the three and nine months ended July 3, 2020, respectively, and 80,046 and 129,599 shares for the three and nine months ended June 28, 2019, respectively, of potential shares of common stock issuable upon exercise of stock options, warrants, restricted stock and restricted stock units, as applicable, as the inclusion would be antidilutive.