Note B - (Loss)/Earnings per Share and Stock Repurchases

3 Months Ended

Sep. 03, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE B – (LOSS)/EARNINGS PER SHARE AND STOCK REPURCHASES

Basic (loss)/earnings per share is computed by dividing net (loss)/income by the weighted average number of common shares outstanding during each period presented. Diluted (loss)/earnings per share gives effect to stock options and restricted stock outstanding during the applicable periods, if dilutive. The following table reflects the calculation of weighted-average common and dilutive potential common shares outstanding as presented in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income (in thousands):

	Thirteen weeks ended
	September 3, 2013			September 4, 2012
(Loss)/income from continuing operations	$	(21,899	)	$	3,074
Loss from discontinued operations		(343	)		(475	)
Net (loss)/income	$	(22,242	)	$	2,599
Weighted-average common shares outstanding		60,026			62,813
Dilutive effect of stock options and restricted stock	–				143
Weighted average common and dilutive potential common shares outstanding		60,026			62,956
(Loss)/earnings per share – Basic
(Loss)/income from continuing operations	$	(0.36	)	$	0.05
Loss from discontinued operations		(0.01	)		(0.01	)
Net (loss)/earnings per share	$	(0.37	)	$	0.04
(Loss)/earnings per share – Diluted
(Loss)/income from continuing operations	$	(0.36	)	$	0.05
Loss from discontinued operations		(0.01	)		(0.01	)
Net (loss)/earnings per share	$	(0.37	)	$	0.04

Stock options with an exercise price greater than the average market price of our common stock and certain options with unrecognized compensation expense do not impact the computation of diluted (loss)/earnings per share because the effect would be anti-dilutive. The following table summarizes stock options and restricted shares that did not impact the computation of diluted (loss)/earnings per share because their inclusion would have had an anti-dilutive effect (in thousands):

	Thirteen weeks ended
	September 3, 2013		September 4, 2012
Stock options		3,114*		2,068
Restricted shares		1,246*		1,105
Total		4,360*		3,173

*Due to a net loss from continuing operations for the 13 weeks ended September 3, 2013, all outstanding share-based awards were excluded from the computation of diluted loss per share.

During the first quarter of fiscal 2014, we repurchased 0.1 million shares of our common stock at a cost of $0.5 million. As of September 3, 2013, the total number of remaining shares authorized by our Board of Directors to be repurchased was 11.8 million. All shares repurchased during the current quarter were cancelled as of September 3, 2013.