Net Income (Loss) Per Share

Basic net income (loss) per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income (loss) by the basic weighted average shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options.

The following table details the calculation of basic and diluted earnings (loss) per share for the three months ended June 30, 2018 and June 24, 2017 (in thousands, except per share amounts):

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	Three Months Ended
	June 30,			June 24,
	2018			2017
Numerator:
Net income (loss)	$	(4,272	)	$	42,912
Denominator:
Weighted average shares outstanding	61,462			64,097
Effect of dilutive securities	—			3,063
Weighted average diluted shares	61,462			67,160
Basic earnings (loss) per share	$	(0.07	)	$	0.67
Diluted earnings (loss) per share	$	(0.07	)	$	0.64

All potential shares of common stock are anti-dilutive in periods of net loss, and therefore excluded for the three months ended June 30, 2018. The weighted outstanding shares excluded from our diluted calculation for the three months ended June 24, 2017 were 218 thousand, as the shares were anti-dilutive.