XML 44 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Earnings (Loss) Per Share
 9 Months Ended
Aug. 02, 2015
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Earnings (Loss) Per Share

Basic and diluted net income (loss) per share is calculated as follows (in thousands, except per share amounts):
 
Three Months Ended
 
Nine Months Ended
 
August 2, 2015
 
August 3, 2014
 
August 2, 2015
 
August 3, 2014
Numerator
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(4,144
)
 
$
3,405

 
$
(19,857
)
 
$
(7,896
)
Loss from discontinued operations, net of income taxes
—

 
(3,885
)
 
(4,519
)
 
(13,153
)
Net loss
$
(4,144
)
 
$
(480
)
 
$
(24,376
)
 
$
(21,049
)
Denominator
 
 
 
 
 
 
 
Basic weighted average number of shares
20,741

 
20,866

 
20,821

 
20,859

Diluted weighted average number of shares
20,741

 
21,072

 
20,821

 
20,859

 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.20
)
 
$
0.16

 
$
(0.95
)
 
$
(0.38
)
Loss from discontinued operations, net of income taxes
—

 
(0.19
)
 
(0.22
)
 
(0.63
)
Net loss
$
(0.20
)
 
$
(0.03
)
 
$
(1.17
)
 
$
(1.01
)
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.20
)
 
$
0.16

 
$
(0.95
)
 
$
(0.38
)
Loss from discontinued operations, net of income taxes
—

 
(0.18
)
 
(0.22
)
 
(0.63
)
Net loss
$
(0.20
)
 
$
(0.02
)
 
$
(1.17
)
 
$
(1.01
)


Options to purchase 1,007,911 and 789,850 shares of the Company’s common stock were outstanding at August 2, 2015 and August 3, 2014, respectively. Additionally, there were 42,000 and 50,001 restricted shares outstanding at August 2, 2015 and August 3, 2014, respectively. The options and restricted shares were not included in the computation of diluted earnings (loss) per share in the three and nine months of fiscal 2015 and in the nine months of fiscal 2014 because the effect of their inclusion would have been anti-dilutive as a result of the Company’s net loss position in those periods.

On June 25, 2015, the Company approved compensation arrangements for its non-executive directors and interim President and Chief Executive Officer. Pursuant to the compensation arrangements, 356,725 stock options and 122,819 restricted shares were granted.   All amounts vested on the date of grant with the exception of 42,000 restricted shares and 100,000 stock options that vest through December 25, 2015. Total compensation expense incurred for these grants during the third quarter of 2015 approximated $1.6 million.

Share Repurchase Plan

On January 14, 2015, the Board of Directors approved a new 36-month share repurchase program of up to 1,500,000 shares of the Company's common stock to begin on January 19, 2015, replacing a prior program. Such repurchases will be made through open market or private transactions. Share repurchases under the program will be subject to specified parameters and certain price and volume restraints and any repurchased shares will be held in treasury. The exact number and timing of share repurchases will depend upon market conditions and other factors.  

The Company repurchased 340,800 shares of common stock at an average purchase price of $12.50 per share for an aggregate amount of $4.3 million. As of August 2, 2015, the Company had 1,159,200 shares available for repurchase.