Loss Per Common Share

6 Months Ended

Oct. 02, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Loss Per Common Share

Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the effect of dilutive common share equivalents, if any.

Tully’s has granted options and warrants to purchase common stock, and has issued preferred stock that is convertible into common stock (collectively, the “common share equivalent instruments”). Outstanding stock options, stock warrants, Series A Convertible Preferred shares and Series B Convertible Preferred shares are antidilutive because of net losses, and as such, their effect has not been included in the calculation of basic or diluted net loss per share. For the Second Quarter Fiscal 2012 and Second Quarter Fiscal 2011, respectively, potential gross common shares of 2.4 million and 2.6 million, respectively, were antidilutive and are not included in computing loss per share.