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 39 weeks ended January 25, 2020, we did not repurchase shares of our Common Stock under the program and as of January 25, 2020, approximately $26,669 remains available under the stock repurchase program.

During the 39 weeks ended January 25, 2020, we repurchased 374,733 shares of our Common Stock outside of the stock repurchase program 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 weeks ended January 25, 2020 and January 26, 2019 average shares of 3,682,169 and 1,412,951 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 39 weeks ended January 25, 2020 and January 26, 2019, average shares of 1,348,949 and 2,844,886, respectively, were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive.

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



	13 weeks ended					39 weeks ended
(shares in thousands)	January 25, 2020			January 26, 2019		January 25, 2020			January 26, 2019
Numerator for basic and diluted earnings per share:
Net (loss) income available to common shareholders	$	(1,693	)	$	769	$	2,083		$	21,844
Less allocation of earnings to participating securities	—			—		(1		)	(9		)
Net (loss) income available to common shareholders	$	(1,693	)	$	769	$	2,082		$	21,835

Numerator for diluted earnings per share:
Net (loss) income available to common shareholders	$	(1,693	)	$	769	$	2,082		$	21,835
Allocation of earnings to participating securities	—			—		1			9
Less diluted allocation of earnings to participating securities	—			—		(1		)	(9		)
Net (loss) income available to common shareholders	$	(1,693	)	$	769	$	2,082		$	21,835

Denominator for basic earnings per share:
Basic weighted average shares of Common Stock	48,298			47,561		47,911			47,220

Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock	48,298			47,561		47,911			47,220
Average dilutive restricted stock units	—			178		403			403
Average dilutive performance shares	—			45		9			41
Average dilutive restricted shares	—			3		12			10
Average dilutive performance share units	—			150		432			98
Diluted weighted average shares of Common Stock	48,298			47,937		48,767			47,772

(Loss) Earnings per share of Common Stock:
Basic	$	(0.04	)	$	0.02	$	0.04		$	0.46
Diluted	$	(0.04	)	$	0.02	$	0.04		$	0.46