Note B - Loss per Share and Stock Repurchases

6 Months Ended

Dec. 03, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE B – LOSS PER SHARE AND STOCK REPURCHASES

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during each period presented. Diluted loss 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 (in thousands, except per-share data):

	Thirteen weeks ended						Twenty-six weeks ended
	December 3, 2013			December 4, 2012			December 3, 2013			December 4, 2012
Loss from continuing operations	$	(34,737	)	$	(4,204	)	$	(56,636	)	$	(1,130	)
Gain/(loss) from discontinued operations, net of tax		354			(10,864	)		11			(11,339	)
Net loss	$	(34,383	)	$	(15,068	)	$	(56,625	)	$	(12,469	)
Weighted-average common shares outstanding		60,196			62,005			60,111			62,409
Dilutive effect of stock options and restricted stock	–			–			–			–
Weighted average common and dilutive potential common shares outstanding		60,196			62,005			60,111			62,409
Loss per share – Basic
Loss from continuing operations	$	(0.58	)	$	(0.07	)	$	(0.94	)	$	(0.02	)
Gain/(loss) from discontinued operations		0.01			(0.17	)		0.00			(0.18	)
Net loss per share	$	(0.57	)	$	(0.24	)	$	(0.94	)	$	(0.20	)
Loss per share – Diluted
Loss from continuing operations	$	(0.58	)	$	(0.07	)	$	(0.94	)	$	(0.02	)
Gain/(loss) from discontinued operations		0.01			(0.17	)		0.00			(0.18	)
Net loss per share	$	(0.57	)	$	(0.24	)	$	(0.94	)	$	(0.20	)

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 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 per share because their inclusion would have had an anti-dilutive effect (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	December 3, 2013		December 4, 2012		December 3, 2013		December 4, 2012
Stock options*		2,839		3,371		2,977		3,002
Restricted shares*		1,074		1,647		1,160		1,376
Total		3,913		5,018		4,137		4,378

* Due to a net loss for the 13 and 26 weeks ended December 3, 2013 and December 4, 2012, all then outstanding share-based awards were excluded from the computation of diluted loss per share.

During the first 26 weeks of fiscal 2014, we repurchased 0.1 million shares of our common stock at a cost of $0.5 million. As of December 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 26 week period were cancelled as of December 3, 2013.