EARNINGS PER SHARE ("EPS")

3 Months Ended

Jul. 03, 2021

7. EARNINGS PER SHARE

The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.


	Three Months Ended
(In thousands, except per share amounts)	July 3, 2021		June 27, 2020
Basic EPS
Net (loss) income	$	(4,454)	$	10,527
Weighted average shares	50,939		50,418
Basic income per share	$	(0.09)	$	0.21
Diluted EPS
Net (loss) income	$	(4,454)	$	10,527
Basic weighted average shares	50,939		50,418
Net effect of common stock equivalents	—		829
Diluted weighted average shares	50,939		51,247
Diluted income per share	$	(0.09)	$	0.21

Basic earnings per share is calculated using the Company's weighted-average outstanding common stock. Diluted earnings per share is calculated using its weighted-average outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method and the convertible senior notes as determined under the net share settlement method. From the time of the issuance of the convertible senior notes, the average market price of the Company's common shares has been less than the initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion value of the convertible senior notes. For the three months ended July 3, 2021, the Company recognized a net loss; therefore it excluded the impact of outstanding stock awards from the diluted loss per share calculation as its inclusion would have an anti-dilutive effect. For the three months ended June 27, 2020, weighted average shares outstanding, assuming dilution, excludes the impact of 0.5 million anti-dilutive shares.