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SHAREHOLDERS' DEFICIT
 9 Months Ended
Mar. 25, 2020
Stockholders' Equity Note [Abstract]  
Shareholders' Deficit
The changes in Total shareholders’ deficit during the thirty-nine week periods ended March 25, 2020 and March 27, 2019, respectively, were as follows:
 
Thirty-Nine Week Period Ended March 25, 2020
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings (Deficit)
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Total
Balance at June 26, 2019
$
17.6

 
$
522.0

 
$
2,771.2

 
$
(4,083.4
)
 
$
(5.6
)
 
$
(778.2
)
Effect of ASC 842 adoption
—

 
—

 
195.9

 
—

 
—

 
195.9

Net income
—

 
—

 
14.9

 
—

 
—

 
14.9

Other comprehensive loss
—

 
—

 
—

 
—

 
(0.2
)
 
(0.2
)
Dividends ($0.38 per share)
—

 
—

 
(14.6
)
 
—

 
—

 
(14.6
)
Stock-based compensation
—

 
7.1

 
—

 
—

 
—

 
7.1

Purchases of treasury stock
—

 
(0.3
)
 
—

 
(11.0
)
 
—

 
(11.3
)
Issuances of common stock
—

 
(3.7
)
 
—

 
5.0

 
—

 
1.3

Balance at September 25, 2019
17.6

 
525.1

 
2,967.4

 
(4,089.4
)
 
(5.8
)
 
(585.1
)
Net income
—

 
—

 
27.9

 
—

 
—

 
27.9

Other comprehensive income
—

 
—

 
—

 
—

 
0.1

 
0.1

Dividends ($0.38 per share)
—

 
—

 
(14.6
)
 
—

 
—

 
(14.6
)
Stock-based compensation
—

 
2.6

 
—

 
—

 
—

 
2.6

Purchases of treasury stock
—

 
0.0

 
—

 
0.0

 
—

 
0.0

Issuances of common stock
—

 
(0.4
)
 
—

 
0.6

 
—

 
0.2

Retirement of treasury stock
(11.4
)
 
—

 
(3,345.4
)
 
3,356.8

 
—

 
—

Balance at December 25, 2019
6.2

 
527.3

 
(364.7
)
 
(732.0
)
 
(5.7
)
 
(568.9
)
Net income
—

 
—

 
30.8

 
—

 
—

 
30.8

Other comprehensive loss
—

 
—

 
—

 
—

 
(1.0
)
 
(1.0
)
Dividends ($0.38 per share)
—

 
—

 
(14.0
)
 
—

 
—

 
(14.0
)
Stock-based compensation
—

 
(0.7
)
 
—

 
—

 
—

 
(0.7
)
Purchases of treasury stock
—

 
—

 
—

 
(21.0
)
 
—

 
(21.0
)
Issuances of common stock
—

 
(0.5
)
 
—

 
0.6

 
—

 
0.1

Balance at March 25, 2020
$
6.2

 
$
526.1

 
$
(347.9
)
 
$
(752.4
)
 
$
(6.7
)
 
$
(574.7
)
 
Thirty-Nine Week Period Ended March 27, 2019
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings (Deficit)
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Total
Balance at June 27, 2018
$
17.6

 
$
511.6

 
$
2,683.0

 
$
(3,924.7
)
 
$
(5.8
)
 
$
(718.3
)
Effect of ASC 606 adoption
—

 
—

 
(7.4
)
 
—

 
—

 
(7.4
)
Net income
—

 
—

 
26.4

 
—

 
—

 
26.4

Other comprehensive income
—

 
—

 
—

 
—

 
0.3

 
0.3

Dividends ($0.38 per share)
—

 
—

 
(15.5
)
 
—

 
—

 
(15.5
)
Stock-based compensation
—

 
3.6

 
—

 
—

 
—

 
3.6

Purchases of treasury stock
—

 
(7.5
)
 
—

 
(98.0
)
 
—

 
(105.5
)
Issuances of common stock
—

 
(3.8
)
 
—

 
4.3

 
—

 
0.5

Balance at September 26, 2018
17.6

 
503.9

 
2,686.5

 
(4,018.4
)
 
(5.5
)
 
(815.9
)
Net income
—

 
—

 
32.0

 
—

 
—

 
32.0

Other comprehensive loss
—

 
—

 
—

 
—

 
(0.6
)
 
(0.6
)
Dividends ($0.38 per share)
—

 
—

 
(14.5
)
 
—

 
—

 
(14.5
)
Stock-based compensation
—

 
3.6

 
—

 
—

 
—

 
3.6

Purchases of treasury stock
—

 
6.9

 
—

 
(69.0
)
 
—

 
(62.1
)
Issuances of common stock
—

 
(0.2
)
 
—

 
2.5

 
—

 
2.3

Balance at December 26, 2018
17.6

 
514.2

 
2,704.0

 
(4,084.9
)
 
(6.1
)
 
(855.2
)
Net income
—

 
—

 
49.8

 
—

 
—

 
49.8

Other comprehensive income
—

 
—

 
—

 
—

 
0.2

 
0.2

Dividends ($0.38 per share)
—

 
—

 
(14.7
)
 
—

 
—

 
(14.7
)
Stock-based compensation
—

 
5.8

 
—

 
—

 
—

 
5.8

Purchases of treasury stock
—

 
0.0

 
—

 
(0.1
)
 
—

 
(0.1
)
Issuances of common stock
—

 
(0.9
)
 
—

 
0.9

 
—

 
—

Balance at March 27, 2019
$
17.6

 
$
519.1

 
$
2,739.1

 
$
(4,084.1
)
 
$
(5.9
)
 
$
(814.2
)

Retirement of Treasury Stock
In the second quarter of fiscal 2020, the Board of Directors approved the retirement of 114.0 million shares of Treasury stock for a weighted average price per share of $29.45. As of March 25, 2020, 25.3 million shares remain in treasury.
Effect of Adoption of ASC 842
In the first quarter of fiscal 2020, we adopted the lease accounting standard, ASC 842, and recorded a $195.9 million cumulative effect adjustment increase to Retained (deficit) earnings for the change in accounting principle. Refer to Note 4 - Leases for further details.
Effect of Adoption of ASC 606
In the first quarter of fiscal 2019, we adopted the revenue recognition standard, ASC 606, and recorded a $7.4 million cumulative effect adjustment decrease to Retained (deficit) earnings for the change in accounting principle.
Dividends
During the thirty-nine week periods ended March 25, 2020 and March 27, 2019, we paid dividends of $43.3 million and $46.0 million to common stock shareholders, respectively. We also declared a quarterly dividend on January 27, 2020, that was paid subsequent to the third quarter of fiscal 2020, on March 26, 2020, in the amount of $0.38 per share. As of March 25, 2020, we have accrued dividends of $14.0 million for shares outstanding in Other accrued liabilities in the Consolidated Balance Sheets (Unaudited), refer to Note 11 - Accrued and Other Liabilities for further details.
Subsequent to quarter end, our Board of Directors voted to suspend the quarterly cash dividend due to uncertainty surrounding the duration of closures of our dining rooms and other restrictions mandated by state and local governments in response to COVID-19. The Board of Directors will reevaluate the suspension as developments surrounding the COVID-19 pandemic mature. There is significant uncertainty regarding the future impact of the pandemic on the restaurant industry and the broader US economy.
Stock-based Compensation
The following table presents the stock options and restricted share awards granted, and related weighted average exercise price and fair value per share amounts.
 
Thirty-Nine Week Periods Ended
 
March 25,
2020
 
March 27,
2019
Stock options
 
 
 
Stock options granted
0.3

 
0.7

Weighted average exercise price per share
$
38.51

 
$
43.63

Weighted average fair value per share
$
6.83

 
$
8.25

Restricted share awards
 
 
 
Restricted share awards granted
0.3

 
0.3

Weighted average fair value per share
$
38.68

 
$
43.52


Share Repurchases
Our share repurchase program has been used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings, and planned investment and financing needs. The repurchased shares during the thirty-nine week periods ended March 25, 2020 and March 27, 2019, respectively, included shares purchased as part of our share repurchase program and shares repurchased to satisfy team member tax withholding obligations on the vesting of restricted shares.
Thirty-Nine Week Period Ended March 25, 2020
During the thirty-nine week period ended March 25, 2020, we repurchased 0.8 million shares of our common stock for $32.3 million. As of March 25, 2020, approximately $166.8 million was available under our share repurchase authorizations. Subsequent to the third quarter of fiscal 2020, our Board of Directors has suspended our share repurchase program as a result of the COVID-19 impact.
Thirty-Nine Week Period Ended March 27, 2019
In August 2018, our Board of Directors authorized a $300.0 million increase to our existing share repurchase program resulting in total authorizations of $4.9 billion. During the thirty-nine week period ended March 27, 2019, we repurchased 3.6 million shares of our common stock for $167.7 million.