Earnings Per Share

9 Months Ended

Jul. 04, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed based on the weighted average number of shares outstanding during the period increased by the effect of dilutive employee stock awards, including stock options, restricted stock awards and stock purchase plan contracts, using the treasury stock method.

The following table presents information necessary to calculate basic and diluted earnings per share (in thousands, except per share data): 

	Three Months Ended				Nine Months Ended
	July 4, 2020		June 29, 2019		July 4, 2020		June 29, 2019
Weighted average shares outstanding—basic	24,159		24,054		24,075		24,185
Dilutive effect of employee stock awards	—		—		—		148
Weighted average shares outstanding—diluted	24,159		24,054		24,075		24,333
Net income (loss)	$	(8,708)	$	(3,099)	$	(421,828)	$	53,201

For the three and nine months ended July 4, 2020, all potentially dilutive securities have been excluded from the from the diluted share calculation as we reported a net loss.

A total of 0 and 97,420 potentially dilutive securities have been excluded from the diluted share calculation for the three and nine months ended June 29, 2019, respectively, as their effect was anti-dilutive.