Earnings (Loss) per Share

9 Months Ended

Jan. 26, 2013

Earnings (Loss) per Share

(5) Earnings (Loss) per Share

In accordance with ASC 260-10-45, Share-Based Payment Arrangements and Participating Securities and the Two-Class Method, the Company’s unvested restricted shares, unvested restricted stock units and shares issuable under the Company’s deferred compensation plan are considered participating securities. During periods of net income, the calculation of earnings per share for common stock are reclassified to exclude the income attributable to unvested restricted shares, unvested restricted stock units and shares issuable under the Company’s deferred compensation plan from the numerator and exclude the dilutive impact of those shares from the denominator. Diluted earnings per share for the 13 weeks ended January 28, 2012 was calculated using the two-class method for stock options, restricted stock and restricted stock units and the if-converted method for the preferred stock.

During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. Due to the net loss during the 13 weeks ended January 26, 2013, 39 weeks ended January 26, 2013 and January 28, 2012, participating securities in the amount of 2,750,951, 2,841,629 and 3,476,296, respectively, were excluded from the calculation of loss per share using the two-class method because the effect would be antidilutive. The Company’s outstanding stock options and accretion/payments of dividends on preferred shares were also excluded from the calculation of loss per share using the two-class method because the effect would be antidilutive.

The following is a reconciliation of the Company’s basic and diluted loss per share calculation:

	13 weeks ended						39 weeks ended
	January 26, 2013			January 28, 2012			January 26, 2013			January 28, 2012
Numerator for basic income (loss) per share:
Net income (loss)	$	(6,058	)		52,031		$	(47,613	)		(11,138	)
Preferred stock dividends		(3,942	)		(3,963	)		(11,825	)		(7,081	)
Accretion of dividends on preferred stock		(739	)		(316	)		(1,508	)		(578	)
Less allocation of earnings and dividends to participating securities		—			(2,735	)		—			—
Net income (loss) available to common shareholders	$	(10,739	)		45,017		$	(60,946	)		(18,797	)
Numerator for diluted income (loss) per share:
Net income (loss) available to common shareholders	$	(10,739	)		45,017		$	(60,946	)		(18,797	)
Preferred stock dividends		—			3,963			—			—
Accretion of dividends on preferred stock		—			316			—			—
Effect of dilutive options		—			3			—			—
Net income (loss) available to common shareholders	$	(10,739	)		49,299		$	(60,946	)		(18,797	)
Denominator for basic income (loss) per share:
Basic weighted average common shares		58,316			57,371			58,168			57,261
Denominator for diluted income (loss) per share:
Basic weighted average common shares		58,316			57,371			58,168			57,261
Preferred shares		—			12,000			—			—
Average dilutive options		—			76			—			—
Diluted weighted average common shares		58,316			69,447			58,168			57,261
Income (loss) per common share:
Basic	$	(0.18	)		0.78		$	(1.05	)		(0.33	)
Diluted	$	(0.18	)		0.71		$	(1.05	)		(0.33	)