Earnings (Loss) Per Share

6 Months Ended

Jul. 03, 2021

Earnings (Loss) Per Share

Earnings (Loss) Per Share

3. Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted loss per share from continuing operations (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	July 3,		July 4,		July 3,		July 4,
	2021		2020		2021		2020
Loss from continuing operations	$	(18,491)	$	(36,045)	$	(43,647)	$	(67,436)
Shares used in computing basic loss per share		44,803		43,761		44,481		43,699
Effect of dilutive securities:
Stock-based awards and convertible debt		—		—		—		—
Shares used in computing diluted loss per share		44,803		43,761		44,481		43,699
Loss per share:
Basic	$	(0.41)	$	(0.82)	$	(0.98)	$	(1.54)
Diluted	$	(0.41)	$	(0.82)	$	(0.98)	$	(1.54)

3. Earnings (Loss) Per Share (Continued)

For the three months ended July 3, 2021 and July 4, 2020 and the six months ended July 3, 2021 and July 4, 2020, approximately 0.0 million, 0.4 million, 0.0 million and 0.3 million shares, respectively, consisting primarily of restricted stock awards (RSUs) and market stock awards (MSUs) granted under our 2009 Stock Incentive Plan, were not included in the diluted loss per share calculation since the shares were anti-dilutive. Further, diluted shares for the three months ended July 3, 2021 and July 4, 2020 and the six months ended July 3, 2021 and July 4, 2020 excluded 1.0 million, 0.3 million, 1.3 million and 0.5 million shares, respectively, due to the Company’s loss from continuing operations for the periods.

The Company intends to settle the principal amount of its convertible senior notes in cash and any excess value in shares in the event of a conversion. Accordingly, shares issuable upon conversion of the principal amount using the treasury stock method have been excluded from the calculation of diluted earnings per share. If the market value of the notes under certain prescribed conditions exceeds the conversion amount, the excess is included in the denominator for the computation of diluted earnings per share using the treasury stock method. For the three months ended July 3, 2021 and July 4, 2020 and the six months ended July 3, 2021 and July 4, 2020, approximately 0.5 million, 0.0 million, 0.8 million and 0.2 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 8, Debt, to the Condensed Consolidated Financial Statements for additional information.