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Equity and Earnings Per Share (Notes)
 9 Months Ended
Jan. 28, 2017
Net Earnings (Loss) Per Share
Note 6. Equity and Earnings Per Share
Equity
Share Repurchases
On December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000, in the aggregate, of our outstanding Common Stock. The stock repurchase program is carried out at the direction of management (which includes a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. During the 39 weeks ended January 28, 2017, we repurchased 688,948 shares for approximately $6,718 at an average cost per share of $10.10. As of January 28, 2017, approximately $26,669 remains available under the stock repurchase program.
During the 39 weeks ended January 28, 2017, we also repurchased 117,029 shares of our Common Stock in connection with employee tax withholding obligations for vested stock awards.
Earnings Per Share
For periods prior to the Spin-Off from Barnes & Noble on August 2, 2015, basic earnings per share and weighted-average basic shares outstanding are based on the number of shares of Barnes & Noble, Inc. common stock outstanding as of the end of the period, adjusted for the distribution ratio of 0.632 shares of our Common Stock for every one share of Barnes & Noble, Inc. common stock held on the record date for the Spin-Off.
For periods prior to the Spin-Off, diluted earnings per share and weighted-average diluted shares outstanding reflect potential common shares from Barnes & Noble equity plans in which our employees participated. Certain of our employees held restricted stock units and stock options granted by Barnes & Noble, Inc. which were considered participating securities.
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. During the 39 weeks ended January 30, 2016, no shares were excluded from the diluted earnings per share calculation using the two-class method as they were not antidilutive.

The following is a reconciliation of the basic and diluted loss per share calculation:
 
13 weeks ended
 
39 weeks ended
 
January 28,
2017
 
January 30,
2016
 
January 28,
2017
 
January 30,
2016
Numerator for basic earnings per share:
 
 
 
 
 
 
 
Net income (loss)
$
3,761

 
$
(3,603
)
 
$
5,134

 
$
2,880

Less allocation of earnings to participating securities
(1
)
 
—

 
(3
)
 
(9
)
Net income (loss) available to common shareholders
$
3,760

 
$
(3,603
)
 
$
5,131

 
$
2,871

 
 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
 
Net income (loss) available to common shareholders
$
3,760

 
$
(3,603
)
 
$
5,131

 
$
2,871

Allocation of earnings to participating securities
1

 
—

 
3

 
9

Less diluted allocation of earnings to participating securities
(1
)
 
—

 
(3
)
 
(9
)
Net income (loss) available to common shareholders
$
3,760

 
$
(3,603
)
 
$
5,131

 
$
2,871

 
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Basic weighted average shares of Common Stock
46,276

 
48,088

 
46,265

 
45,907

 
 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Basic weighted average shares of Common Stock
46,276

 
48,088

 
46,265

 
45,907

Average dilutive restricted stock units
512

 
—

 
397

 
247

Average dilutive performance shares
52

 
—

 
33

 
—

Average dilutive restricted shares
4

 
—

 
21

 
—

Average dilutive options
—

 
—

 
—

 
19

Diluted weighted average shares of Common Stock
46,844

 
48,088

 
46,716

 
46,173

 
 
 
 
 
 
 
 
Earnings (Loss) per share of Common Stock:
 
 
 
 
 
 
 
Basic
$
0.08

 
$
(0.07
)
 
$
0.11

 
$
0.06

Diluted
$
0.08

 
$
(0.07
)
 
$
0.11

 
$
0.06