Earnings Per Share

12 Months Ended

Jan. 01, 2022

Earnings Per Share

Earnings Per Share

4. Earnings Per Share

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

	Year Ended
	January 1,		January 2,		December 28,
	2022		2021		2019
Loss from continuing operations	$	(57,874)	$	(115,485)	$	(102,675)
Shares used in computing basic loss per share		42,830		43,775		43,346
Effect of dilutive securities:
Stock-based awards and convertible debt		—		—		—
Shares used in computing diluted loss per share		42,830		43,775		43,346
Loss per share:
Basic	$	(1.35)	$	(2.64)	$	(2.37)
Diluted	$	(1.35)	$	(2.64)	$	(2.37)

Diluted shares for fiscal 2021, 2020 and 2019 excluded 1.5 million, 0.6 million and 0.9 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 fiscal 2021, 2020 and 2019 approximately 1.0 million shares, 0.2 million shares and 0.4 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share from net income. See Note 11, Debt, to the Consolidated Financial Statements for additional information.