Net Loss per Common Share

6 Months Ended

Nov. 28, 2020

Earnings Per Share [Abstract]

Net Loss per Common Share

Net Loss per Common Share  Basic net loss per share attributable to Cal-Maine Foods, Inc. is based on the weighted average Common Stock and Class A Common Stock outstanding. Diluted net income per share attributable to Cal-Maine Foods, Inc. is based on weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards. Restricted shares of 135 thousand were antidilutive due to the net loss for the thirteen weeks ended November 30, 2019. Restricted shares of 139 thousand and 123 thousand were antidilutive due to the net loss for the twenty-six weeks ended November 28, 2020 and November 30, 2019, respectively. These shares were not included in the diluted net loss per share calculation.

The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income per common share attributable to Cal-Maine Foods, Inc. (amounts in thousands, except per share data):

	13 Weeks Ended				26 Weeks Ended
	November 28, 2020		November 30, 2019		November 28, 2020		November 30, 2019
Numerator
Net income (loss)	$	12,155	$	(10,186)	$	(7,244)	$	(55,907)
Less: Loss attributable to noncontrolling interest	—		(125)		—		(86)
Net income (loss) attributable to Cal-Maine Foods, Inc.	$	12,155	$	(10,061)	$	(7,244)	$	(55,821)
Denominator
Weighted-average common shares outstanding, basic	48,501		48,447		48,501		48,447
Effect of dilutive securities of restricted shares	144		—		—		—
Weighted-average common shares outstanding, diluted	48,645		48,447		48,501		48,447
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.
Basic	$	0.25	$	(0.21)	$	(0.15)	$	(1.15)
Diluted	$	0.25	$	(0.21)	$	(0.15)	$	(1.15)