Earnings Per Share

6 Months Ended

Sep. 28, 2019

12.	Earnings Per Share

Basic net income (loss) per share (“EPS”) attributable to the Company was computed by dividing net income (loss) attributable to the Company by the average number of common shares outstanding during the period. Certain of the Company’s time-vesting restricted share awards are considered participating securities. Diluted earnings per common share is computed based on the more dilutive of (i) the two-class method, assuming the participating securities are not exercised or converted; or (ii) the summation of average common shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued.

During the three and six months ended September 28, 2019, the two-class method was more dilutive and was not applicable to the September 29, 2018 computation given the net loss recorded for the three and six months ended September 29, 2018. The number of shares used to calculate earnings per share prior to the Exchange was determined based on the exchange ratio, as defined in the Exchange Agreement.

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended						Six Months Ended
(Dollars and shares in thousands, except per share data)	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Numerator:
Net income (loss)	$	17,745		$	(77,025	)	$	35,125		$	(77,878	)
Undistributed earnings allocated to participating securities		(65	)		—			(154	)		—
Net income (loss) attributable to the Company's common shareholders	$	17,680		$	(77,025	)	$	34,971		$	(77,878	)
Denominator:
Basic weighted average shares outstanding		56,481			54,105			56,424			50,747
Dilutive securities		243			—			233			—
Diluted weighted average shares outstanding		56,724			54,105			56,657			50,747

Basic net income (loss) per share	$	0.31		$	(1.42	)	$	0.62		$	(1.53	)
Diluted net income (loss) per share	$	0.31		$	(1.42	)	$	0.62		$	(1.53	)