Earnings per Share (EPS) and Common Stock

EPS

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding RSUs using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of unrecognized compensation expense as additional proceeds.



	Three months ended					Six months ended
Calculation of Basic and Diluted EPS	March 31, 2018		April 1, 2017			March 31, 2018		April 1, 2017
	(in thousands, except per share data)
Net income (loss)	$	7,922	$	(1,104	)	$	21,799	$	(10,245	)
Weighted average shares outstanding—Basic	116,241		115,709			115,986		115,498
Dilutive effect of restricted stock units	1,664		—			1,794		—
Weighted average shares outstanding—Diluted	117,905		115,709			117,780		115,498
Earnings (loss) per share—Basic	$	0.07	$	(0.01	)	$	0.19	$	(0.09	)
Earnings (loss) per share—Diluted	$	0.07	$	(0.01	)	$	0.19	$	(0.09	)

There were no antidilutive shares for the six months ended March 31, 2018. Total antidilutive shares were 1.8 million for the six months ended April 1, 2017. For the six months ended April 1, 2017 the diluted net loss per share is the same as the basic net loss per share as the effects of all our potential common stock equivalents are antidilutive, because we reported a loss for the period.

Common Stock Repurchases

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors periodically authorizes the repurchase of shares of our common stock. Our Board of Directors has authorized us to repurchase up to $500 million of our common stock from October 1, 2017 through September 30, 2020. We did not repurchase any shares in the second quarter and first six months of either 2018 or 2017. As described in Note 14 - Subsequent Events, in the third quarter of fiscal 2018 we entered into a $100 million accelerated share repurchase agreement. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.