Note 7. 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 26 weeks ended October 27, 2018, we did not repurchase shares of our Common Stock under the program and as of October 27, 2018, approximately $26,669 remains available under the stock repurchase program.

During the 26 weeks ended October 27, 2018, we repurchased 349,660 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 26 weeks ended October 27, 2018 average shares of 472,748 and 422,776 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 13 and 26 weeks ended October 28, 2017 average shares of 918,177 and 505,496 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						26 weeks ended
(shares in thousands)	October 27, 2018			October 28, 2017			October 27, 2018			October 28, 2017
Numerator for basic earnings per share:
Net income	$	59,697		$	48,395		$	21,075		$	13,612
Less allocation of earnings to participating securities	(24		)	(16		)	(9		)	(4		)
Net income available to common shareholders	$	59,673		$	48,379		$	21,066		$	13,608

Numerator for diluted earnings per share:
Net income available to common shareholders	$	59,673		$	48,379		$	21,066		$	13,608
Allocation of earnings to participating securities	24			16			9			4
Less diluted allocation of earnings to participating securities	(24		)	(16		)	(9		)	(4		)
Net income available to common shareholders	$	59,673		$	48,379		$	21,066		$	13,608

Denominator for basic earnings per share:
Basic weighted average shares of Common Stock	47,184			46,705			47,050			46,611

Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock	47,184			46,705			47,050			46,611
Average dilutive restricted stock units	463			162			516			389
Average dilutive performance shares	42			113			38			127
Average dilutive restricted shares	11			7			13			8
Average dilutive performance share units	124			19			72			9
Diluted weighted average shares of Common Stock	47,824			47,006			47,689			47,144

Earnings per share of Common Stock:
Basic	$	1.26		$	1.04		$	0.45		$	0.29
Diluted	$	1.25		$	1.03		$	0.44		$	0.29