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Equity and Earnings Per Share (Notes)
 6 Months Ended
Oct. 31, 2020
Net Earnings (Loss) Per Share
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 31, 2020, we did not repurchase shares of our Common Stock under the program and as of October 31, 2020, approximately $26,669 remains available under the stock repurchase program.
During the 26 weeks ended October 31, 2020, we repurchased 410,560 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 October 31, 2020 and October 26, 2019, average shares of 1,932,628 and 1,218,994 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 26 weeks ended October 31, 2020 and October 26, 2019, average shares of 2,849,291 and 1,529,877 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 earnings per share calculation:
13 weeks ended26 weeks ended
(shares in thousands)October 31,
2020		October 26,
2019		October 31,
2020		October 26,
2019
Numerator for basic earnings per share:
Net income (loss) available to common shareholders$7,515 $35,931 $(39,137)$3,776 
Less allocation of earnings to participating securities(6)(21)— (2)
Net income (loss) available to common shareholders$7,509 $35,910 $(39,137)$3,774 
Numerator for diluted earnings per share:
Net income (loss) available to common shareholders$7,509 $35,910 $(39,137)$3,774 
Allocation of earnings to participating securities6 21 — 2 
Less diluted allocation of earnings to participating securities(6)(20)— (2)
Net income (loss) available to common shareholders$7,509 $35,911 $(39,137)$3,774 
Denominator for basic earnings per share:
Basic weighted average shares of Common Stock48,804 47,853 48,608 47,717 
Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock48,804 47,853 48,608 47,717 
Average dilutive restricted stock units235 444 — 334 
Average dilutive performance shares— — — 14 
Average dilutive restricted shares18 12 — 11 
Average dilutive performance share units224 449 — 336 
Average dilutive stock options147 — — — 
Diluted weighted average shares of Common Stock 49,428 48,758 48,608 48,412 
Earnings (Loss) per share of Common Stock:
Basic$0.15 $0.75 $(0.81)$0.08 
Diluted$0.15 $0.74 $(0.81)$0.08