Note B - Income/(Loss) Per Share and Stock Repurchases

3 Months Ended

Sep. 02, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

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

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

	Thirteen weeks ended
	September 2, 2014		September 3, 2013
Income/(loss) from continuing operations	$	2,565	$	(21,899	)
Loss from discontinued operations	–			(343	)
Net income/(loss)	$	2,565	$	(22,242	)
Weighted-average common shares outstanding		60,419		60,026
Dilutive effect of stock options and restricted stock		634	–
Weighted average common and dilutive potential common shares outstanding		61,053		60,026
Income/(loss) per share – Basic
Income/(loss) from continuing operations	$	0.04	$	(0.36	)
Loss from discontinued operations	–			(0.01	)
Net income/(loss) per share	$	0.04	$	(0.37	)
Income/(loss) per share – Diluted
Income/(loss) from continuing operations	$	0.04	$	(0.36	)
Loss from discontinued operations	–			(0.01	)
Net income/(loss) per share	$	0.04	$	(0.37	)

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

	Thirteen weeks ended
	September 2, 2014		September 3, 2013
Stock options		2,826		3,114*
Restricted shares		8		1,246*
Total		2,834		4,360*

*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 2015, we repurchased an insignificant number of shares of our common stock at a cost of $0.1 million. As of September 2, 2014, 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 2, 2014.