Net Income (Loss) Per Share (Notes)

3 Months Ended

Apr. 03, 2016

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Net Income (Loss) per Share

The Company applies the two-class method to calculate and present net income (loss) per share. The Company's non-vested share awards and Series A Convertible Preferred Stock issued to BKC contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing net income (loss) per share pursuant to the two-class method. Under the two-class method, net earnings are reduced by the amount of dividends declared (whether paid or unpaid) and the remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. As the Company incurred a net loss for the three months endedMarch 29, 2015 and those losses are not allocated to the participating securities under the two-class method, such method is not applicable for the aforementioned reporting period.

Basic net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net income (loss) per share reflects additional shares of common stock outstanding, where applicable, calculated using the treasury stock method or the two-class method.

The following table sets forth the calculation of basic and diluted net loss per share:

	Three Months Ended
	April 3, 2016			March 29, 2015
Basic net income (loss) per share:
Net income (loss)	$	2,145		$	(9,276	)
Less: Income attributable to non-vested shares	(32		)	—
Less: Income attributable to preferred stock	(447		)	—
Net income available to common stockholders	$	1,666		$	(9,276	)
Weighted average common shares outstanding	35,101,757			34,882,302
Basic net income (loss) per share	$	0.05		$	(0.27	)
Diluted net income (loss) per share:
Net income (loss)	$	2,145		$	(9,276	)
Shares used in computing basic net income (loss) per share	35,101,757			34,882,302
Dilutive effect of preferred stock and non-vested shares	9,779,130			—
Shares used in computing diluted net income (loss) per share	44,880,887			34,882,302
Diluted net income (loss) per share	$	0.05		$	(0.27	)
Shares excluded from diluted net income (loss) per share computation (1)	—			9,950,261

(1) Shares issuable upon conversion of preferred stock and non-vested shares were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive.