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 may include 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 27, 2018, we did not repurchase shares of our common stock. As of January 27, 2018, approximately $26,669 remains available under the stock repurchase program.

During the 39 weeks ended January 27, 2018, we also repurchased 259 shares of our Common Stock in connection with employee tax withholding obligations for vested stock awards.

Earnings Per Share

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 13 and 39 weeks ended January 27, 2018, average shares of 2,844 and 2,477 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 13 and 39 weeks ended January 28, 2017, average shares of 339 and 395 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively.

The following is a reconciliation of the basic and diluted loss per share calculation:



	13 weeks ended						39 weeks ended
	January 27, 2018			January 28, 2017			January 27, 2018			January 28, 2017
Numerator for basic and diluted earnings per share:
Net (loss) income	$	(283,235	)	$	3,761		$	(269,623	)	$	5,134
Less allocation of earnings to participating securities	—			(1		)	—			(3		)
Net (loss) income available to common shareholders	$	(283,235	)	$	3,760		$	(269,623	)	$	5,131

Numerator for diluted earnings per share:
Net (loss) income available to common shareholders	$	(283,235	)	$	3,760		$	(269,623	)	$	5,131
Allocation of earnings to participating securities	—			1			—			3
Less diluted allocation of earnings to participating securities	—			(1		)	—			(3		)
Net (loss) income available to common shareholders	$	(283,235	)	$	3,760		$	(269,623	)	$	5,131

Denominator for basic earnings per share:
Basic weighted average shares of Common Stock	46,914			46,276			46,712			46,265

Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock	46,914			46,276			46,712			46,265
Average dilutive restricted stock units	—			512			—			397
Average dilutive performance shares	—			52			—			33
Average dilutive restricted shares	—			4			—			21
Average dilutive performance share units	—			—			—			—
Average dilutive options	—			—			—			—
Diluted weighted average shares of Common Stock	46,914			46,844			46,712			46,716

(Loss) Earnings per share of Common Stock:
Basic	$	(6.04	)	$	0.08		$	(5.77	)	$	0.11
Diluted	$	(6.04	)	$	0.08		$	(5.77	)	$	0.11