Net Loss per Common Share

6 Months Ended

12 Months Ended

Jun. 24, 2012

Dec. 25, 2011

Net Loss per Common Share [Abstract]

Net Loss per Common Share

8. Net Loss per Common Share

Basic net loss per share is computed by dividing net loss by the weighted daily average number of shares of common stock outstanding during the period. Diluted net loss per share is based upon the weighted daily average number of shares of common stock outstanding for the period plus dilutive potential shares of common stock, including stock options, using the treasury-stock method.

Net loss per share is as follows (in thousands, except per share amounts):

	Quarters Ended						Six Months Ended
	June 24, 2012			June 26 2011			June 24 2012			June 26, 2011
Numerator:
Net (loss) income from continuing operations	$	(31,140	)	$	4,505		$	(57,939	)	$	(15,713	)
Net loss from discontinued operations		(14,934	)		(9,921	)		(20,641	)		(23,774	)
Net loss	$	(46,074	)	$	(5,416	)	$	(78,580	)	$	(39,487	)
Denominator:
Denominator for basic net (loss) income per common share:
Weighted average shares outstanding		20,068			1,241			11,595			1,239
Effect of dilutive securities:
Stock-based compensation		—			—			—			—
Warrants to purchase common stock		—			—			—			—
Denominator for diluted net (loss) income per common share		20,068			1,241			11,595			1,239
Basic and diluted net (loss) income per common share
From continuing operations	$	(1.55	)	$	3.63		$	(5.00	)	$	(12.68	)
From discontinued operations		(0.75	)		(7.99	)		(1.78	)		(19.19	)
Basic and diluted net loss per common share	$	(2.30	)	$	(4.36	)	$	(6.78	)	$	(31.87	)

Warrants outstanding to purchase 54.0 million and 54.6 million common shares have been excluded from the denominator during the quarter and six months ended June 24, 2012, respectively, as the impact would be anti-dilutive.

Certain of the Company’s unvested stock-based awards contain non-forfeitable rights to dividends. In periods when the Company generates net income from continuing operations, shares are included in the denominator for these participating securities. However, in periods when the Company generates a net loss from continuing operations, shares are excluded from the denominator for these participating securities as the impact would be anti-dilutive. A total of 2 thousand shares have been excluded from the denominator for basic net loss per share during the quarter ended June 24, 2012. In addition, a total of 3 thousand and 6 thousand shares have been excluded from the denominator for basic net loss per share during the six months ended June 24, 2012 and June 26, 2011, respectively.

11. Net Loss Per Common Share

Basic net loss per share is computed by dividing net loss by the weighted daily average number of shares of common stock outstanding during the period. Diluted net loss per share is based upon the weighted daily average number of shares of common stock outstanding for the period plus dilutive potential common shares, including stock options using the treasury-stock method and from convertible stock using the “if converted” method (in thousands, except per share amounts):

	Fiscal Years Ended
	December 25, 2011			December 26, 2010			December 20, 2009
Numerator:
Loss from continuing operations	$	(53,194	)	$	(35,574	)	$	(24,251	)
Loss from discontinued operations		(176,223	)		(22,395	)		(7,021	)
Net loss	$	(229,417	)	$	(57,969	)	$	(31,272	)
Denominator:
Denominator for basic loss per common share:
Weighted average shares outstanding		1,464			1,226			1,209
Effect of dilutive securities:
Stock-based compensation		—			—			—
Warrants		—			—			—
Denominator for diluted net loss per common share		1,464			1,226			1,209
Basic net loss per common share from continuing operations	$	(36.33	)	$	(29.01	)	$	(20.06	)
Basic net loss per common share from discontinued operations		(120.37	)		(18.27	)		(5.81	)
Basic net loss per common share	$	(156.70	)	$	(47.28	)	$	(25.87	)
Diluted net loss per common share from continuing operations	$	(36.33	)	$	(29.01	)	$	(20.06	)
Diluted net loss per common share from discontinued operations		(120.37	)		(18.27	)		(5.81	)
Diluted net loss per common share	$	(156.70	)	$	(47.28	)	$	(25.87	)

A total of 949 thousand, 13 thousand and 14 thousand shares have been excluded from the denominator during the years ended December 25, 2011, December 26, 2010, and December 20, 2009, respectively, as the impact would be anti-dilutive. Warrants outstanding to purchase 918 thousand common shares have been excluded from the denominator during the year ended December 25, 2011 as the impact would be anti-dilutive.

Certain of the Company’s unvested stock-based awards contain non-forfeitable rights to dividends. In periods when the Company generates net income, shares are included in the denominator for these participating securities. However, in periods when the Company generates a net loss, shares are excluded from the denominator for these participating securities as the impact would be anti-dilutive. A total of 5 thousand, 6 thousand, and 9 thousand shares have been excluded from the denominator for basic net loss per share during the years ended December 25, 2011, December 26, 2010, and December 20, 2009, respectively.