Earnings (Loss) Per Share

The Company computes earnings (loss) 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, restricted stock units, 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 (loss) per share.

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



	Three Months Ended						Six Months Ended
	December 31, 2017			January 1, 2017			December 31, 2017			January 1, 2017
Net Income (Loss)	$	(16,344	)	$	15,251		$	(31,383	)	$	1,103
Less: Allocation to Participating Securities	(150		)	(332		)	(301		)	(225		)
Net Income (Loss) Available to Common Shareholders	$	(16,494	)	$	14,919		$	(31,684	)	$	878
Average Shares of Common Stock Outstanding	42,154			42,081			42,130			42,287
Shares Used in Calculating Diluted Earnings (Loss) Per Share	42,154			42,142			42,130			42,337
Basic Earnings (Loss) Per Share	$	(0.39	)	$	0.35		$	(0.75	)	$	0.02
Diluted Earnings (Loss) Per Share	$	(0.39	)	$	0.35		$	(0.75	)	$	0.02

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 (loss) per share as the exercise prices were greater than the average market price of the common shares:



	Three Months Ended				Six Months Ended
	December 31, 2017		January 1, 2017		December 31, 2017		January 1, 2017
Options to Purchase Shares of Common Stock (in thousands)	—		408		—		408
Weighted Average Exercise Price of Options Excluded	$	—	$	20.82	$	—	$	20.82

As a result of the Company incurring a net loss for the three and six months ended December 31, 2017, potential incremental common shares of 1,166,615 and 1,044,604, respectively, were excluded from the calculation of diluted earnings (loss) per share because the effect would have been anti-dilutive.

On April 21, 2016, the Board of Directors authorized up to $50 million in funds for use in the common share repurchase program with an expiration date of June 29, 2018. As of December 31, 2017, the total remaining authorization was approximately $27.4 million. 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 debt covenants. During the six months ended December 31, 2017, the Company repurchased 141,195 shares on the open market at an average price of $22.16 per share, as compared to 787,343 shares purchased on the open market at an average price of $19.25 per share during the six months ended January 1, 2017.