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Earnings Per Share
6 Months Ended
Jul. 02, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
15. EARNINGS PER SHARE

The Company computes earnings per share (“EPS”) in accordance with ASC 260, Earnings per Share, which requires that non-vested restricted stock containing non-forfeitable dividend rights be treated as participating securities pursuant to the two-class method. Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. The amounts of distributed and undistributed earnings allocated to participating securities for the 13-week and 26-week periods ended July 2, 2016 and June 27, 2015 were insignificant and did not materially impact the calculation of basic or diluted EPS.

Basic EPS is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock, shares in Redeemable common stock, if any, (including common stock issuances to key employees, vested restricted shares and vested restricted stock units) and non-vested restricted shares outstanding for the year.

Diluted EPS is computed using the weighted average number of shares of common stock, shares in Redeemable common stock, for the 13-week and 26-week periods ended June 27, 2015, and non-vested restricted shares outstanding for the period, plus the effect of potentially dilutive securities. Stock options and unvested restricted stock units are considered potentially dilutive securities. For the 13-week and 26-week periods ended July 2, 2016, potentially dilutive securities were not included in the computation because the effect would be anti-dilutive.

 

The following table sets forth the computation of basic and diluted earnings per share:

 

     13-Weeks Ended      26-Weeks Ended  
     July 2,      June 27,      July 2,      June 27,  
   2016      2015      2016      2015  

Numerator:

           

Net (loss) income (in thousands)

   $ (13,392    $ 164,961       $ (81    $ 172,076   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator:

           

Weighted-average common shares outstanding

     190,077,211         169,575,384         179,599,467         169,577,547   

Dilutive effect of Share-based awards

     —           1,270,775         —           1,324,363   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted-average dilutive shares outstanding

     190,077,211         170,846,159         179,599,467         170,901,910   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic (loss) income per share

   $ (0.07    $ 0.97       $ —         $ 1.01   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted income per share

   $ (0.07    $ 0.97       $ —         $ 1.01   
  

 

 

    

 

 

    

 

 

    

 

 

 

For the 13-week and 26-week periods ended July 2, 2016, Share-based awards totaling 10,290,392, were not included in the computation of diluted income (loss) per share because their inclusion would be anti-dilutive.