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Income (Loss) Per Share
 3 Months Ended
Apr. 01, 2017
Earnings Per Share [Abstract]  
Income (Loss) per Share
Income (Loss) per Share

Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the Equity Awards to issue Common Stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards, the 7% Notes and outstanding warrants being exchanged for Common Stock. Under this method, interest expense associated with the 7% Notes, net of tax, if any, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent.

As of April 1, 2017 the effect of approximately 170,000 shares related to the exchange of the 7% Notes for Common Stock were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive.

As of April 1, 2017, and April 2, 2016, the effect of approximately 170,000 and 363,000 shares, respectively, related to the issuance of Common Stock upon exercise of Equity Awards were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive.

As of April 1, 2017, and April 2, 2016, the effect of approximately 1.7 million and zero shares, respectively, related to the issuance of Common Stock upon exercise of warrants were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted income (loss) per share for the three months ended April 1, 2017, and April 2, 2016 (in thousands, except per share data): 

 
 
For the Three Months Ended
 
 
April 1,
2017
 
April 2,
2016
Numerator for basic and diluted (loss) income per share:
 
 
 
 
(Loss) income from continuing operations
 
$
(8,692
)
 
$
13,020

Loss from discontinued operations, net of taxes
 
—

 
(1,817
)
Net (loss) income
 
$
(8,692
)
 
$
11,203

Numerator for diluted (loss) income per share:
 
 
 
 
(Loss) income from continuing operations - as reported
 
$
(8,692
)
 
$
13,020

Interest expense on 7% Notes, net of taxes
 
—

 
1,210

(Loss) income from continuing operations - after assumed conversions of dilutive shares
 
(8,692
)
 
14,230

Loss from discontinued operations, net of taxes
 
—

 
(1,817
)
Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares
 
$
(8,692
)
 
$
12,413

Denominator for weighted average common shares outstanding:
 
 

 
 

Basic shares
 
8,553

 
8,484

Dilutive effect of 7% Notes
 
—

 
1,882

Dilutive effect of Equity Awards
 
—

 
—

Dilutive effect of warrants
 
—

 
—

Diluted shares
 
8,553

 
10,366

 
 
 
 
 
(Loss) income per share – basic:
 
 
 
 
Continuing operations
 
$
(1.02
)
 
$
1.53

Discontinued operations
 
—

 
(0.21
)
Net (loss) income
 
$
(1.02
)
 
$
1.32

 
 
 
 
 
(Loss) income per share – diluted:
 
 
 
 
Continuing operations
 
$
(1.02
)
 
$
1.38

Discontinued operations
 
—

 
(0.18
)
Net (loss) income
 
$
(1.02
)
 
$
1.20