Earnings Per Share

6 Months Ended

Jul. 04, 2015

We report a dual presentation of Basic Earnings per Share (“Basic EPS”) and Diluted Earnings per Share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the reported period. Diluted EPS uses the treasury stock method to compute the potential dilution that could occur if stock-based awards and other commitments to issue common stock were exercised. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect.

The computation of Basic EPS and Diluted EPS is as follows:



	Thirteen Weeks Ended					Twenty-six Weeks Ended
	July 4, 2015			June 28, 2014		July 4, 2015		June 28, 2014
Net income (loss)	$	(34,293	)	$	50,613	$	8,982	$	75,446
Weighted average shares	156,329			155,365		156,292		155,069
Basic EPS	$	(0.22	)	$	0.33	$	0.06	$	0.49
Weighted average shares, including the dilutive effect of stock-based awards (0 and 3,821 for the thirteen weeks ended July 4, 2015 and June 28, 2014, respectively, and 3,257 and 3,893 for the twenty-six weeks ended July 4, 2015 and June 28, 2014, respectively)	156,329			159,186		159,549		158,962
Diluted EPS	$	(0.22	)	$	0.32	$	0.06	$	0.47

There were approximately 2,775 and 1,400 stock-based awards for the thirteen weeks ended July 4, 2015 and June 28, 2014, respectively, and 2,431 and 2,993 stock based awards for the twenty-six weeks ended July 4, 2015 and June 28, 2014, respectively, that were not included in the computation of Diluted EPS because the exercise price was greater than the average market price of the Class A Common Stock during the respective periods, thereby having an antidilutive effect. During the thirteen weeks ended July 4, 2015, there were 3,181 stock-based awards that were excluded from the computation of Diluted EPS as we recognized a net loss.