Income (Loss) Per Share

9 Months Ended

Nov. 30, 2019

Income (Loss) Per Share

Income (Loss) Per Share

4. Income (Loss) Per Share

Basic loss per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income of the Company, subject to anti-dilution limitations.

	Thirteen Week Period Ended				Thirty-Nine Week Period Ended
	November 30,		December 1,		November 30,		December 1,
	2019		2018		2019		2018
Basic and diluted income (loss) per share:
Numerator:
Net income (loss) from continuing operations	$	52,286	$	(17,250)	$	(125,758)	$	(411,325)
Net (loss) income from discontinued operations		(801)		12,740		(1,695)		262,091
Income (loss) attributable to common stockholders— basic and diluted	$	51,485	$	(4,510)	$	(127,453)	$	(149,234)
Denominator:
Basic weighted average shares		53,310		52,920		53,159		52,824
Outstanding options and restricted shares, net		274		—		—		—
Diluted weighted average shares		53,584		52,920		53,159		52,824
Basic income (loss) per share:
Continuing operations	$	0.98	$	(0.33)	$	(2.37)	$	(7.79)
Discontinued operations		(0.01)		0.24		(0.03)		4.96
Net basic income (loss) per share	$	0.97	$	(0.09)	$	(2.40)	$	(2.83)
Diluted income (loss) per share:
Continuing operations	$	0.98	$	(0.33)	$	(2.37)	$	(7.79)
Discontinued operations		(0.02)		0.24		(0.03)		4.96
Net diluted income (loss) per share	$	0.96	$	(0.09)	$	(2.40)	$	(2.83)

Due to their antidilutive effect, 820 and 1,085 potential common shares related to stock options have been excluded from the computation of diluted income (loss) per share for the thirteen week periods ended November 30, 2019 and December 1, 2018, respectively. Due to their antidilutive effect, 1,431 and 1,085 potential common shares related to stock options have been excluded from the computation of diluted income (loss) per share for the thirty-nine

week periods ended November 30, 2019 and December 1, 2018, respectively. Also, excluded from the computation of diluted income (loss) per share for the thirteen week periods ended November 30, 2019 and December 1, 2018 are restricted shares of 0 and 337, respectively, which are included in shares outstanding. Excluded from the computation of diluted income (loss) per share for the thirty-nine week periods ended November 30, 2019 and December 1, 2018 are restricted shares of 1,481 and 337, respectively, which are included in shares outstanding.

On April 10, 2019, the Company’s Board of Directors approved a one-for-twenty reverse stock split of the Company’s outstanding shares of common stock. The reverse stock split was effected on April 18, 2019 at 5:00 p.m. Eastern time. At the effective time, every twenty issued and outstanding shares of the Company’s common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split, and in lieu thereof, each stockholder holding fractional shares was entitled to receive a cash payment (without interest or deduction) from the Company’s transfer agent in an amount equal to such stockholder’s respective pro rata shares of the total net proceeds from the Company’s transfer agent sale of all fractional shares at the then-prevailing prices on the open market. In connection with the reverse stock split, the number of authorized shares of our common stock was also reduced on a one-for-twenty basis, from 1,500,000 to 75,000. The par value of each share of common stock remained unchanged. A proportionate adjustment was also made to the maximum number of shares issuable under the Company’s 2014 Equity Incentive Plan.