Earnings (Loss) Per Share

9 Months Ended

Mar. 29, 2015

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings Per Share

The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company’s unvested grants of restricted stock and deferred stock awards contain non-forfeitable rights to dividends (whether paid or unpaid), which are required to be treated as participating securities and included in the computation of basic earnings per share.

Information on earnings per share is as follows (in thousands, except per share data):

	Three Months Ended						Nine Months Ended
	March 29, 2015			March 30, 2014			March 29, 2015			March 30, 2014
Net Income	$	33,921		$	39,153		$	25,586		$	20,506
Less: Allocation to Participating Securities	(893		)	(1,150		)	(626		)	(552		)
Net Income Available to Common Shareholders	$	33,028		$	38,003		$	24,960		$	19,954
Average Shares of Common Stock Outstanding	44,160			46,129			44,605			46,549
Diluted Average Shares Outstanding	44,241			46,245			44,656			46,615
Basic Earnings Per Share	$	0.75		$	0.82		$	0.56		$	0.43
Diluted Earnings Per Share	$	0.75		$	0.82		$	0.56		$	0.43

The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. The following options to purchase shares of common stock were excluded from the calculation of diluted earnings per share as the exercise prices were greater than the average market price of the common shares:

	Three Months Ended				Nine Months Ended
	March 29, 2015		March 30, 2014		March 29, 2015		March 30, 2014
Options to Purchase Shares of Common Stock (in thousands)	845		508		845		916
Weighted Average Exercise Price of Options Excluded	$	20.33	$	36.68	$	20.33	$	29.62

On January 22, 2014, the Board of Directors of the Company authorized up to $50 million in funds for use in the Company’s common share repurchase program. On August 13, 2014, the Board of Directors of the Company authorized up to an additional $50 million in funds associated with the common share repurchase program. As of March 29, 2015, the total remaining authorization was approximately $47.7 million with an expiration date of June 30, 2016. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the nine months ended March 29, 2015, the Company repurchased 2,039,399 shares on the open market at an average price of $19.40 per share, as compared to 1,479,626 shares purchased on the open market at an average price of $20.32 per share during the nine months ended March 30, 2014.