Earnings (Loss) Per Share

6 Months Ended

Jun. 27, 2020

The following table sets forth the calculation of basic and diluted earnings (loss) per share (in thousands, except per share data):


	13 Weeks Ended						26 Weeks Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Numerator
Net income (loss) and comprehensive income (loss)	$	29,333	$	(10,632)	$	41,975	$	(6,858)
Denominator
Weighted-average shares outstanding — basic	90,800		70,475		90,152		69,494
Effect of dilutive stock options	7,729		—		7,103		—
Effect of dilutive RSUs	89		—		78		—
Weighted-average shares outstanding — diluted ⁽¹⁾	98,618		70,475		97,333		69,494
Earnings (loss) per share :
Basic	$	0.32	$	(0.15)	$	0.47	$	(0.10)
Diluted	$	0.30	$	(0.15)	$	0.43	$	(0.10)

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(1)The diluted weighted-average shares outstanding for the 13 and 26 weeks ended June 29, 2019 did not include performance-based stock options because the requisite performance criteria of such stock options had not been achieved as of that date.

On February 3, 2020, in conjunction with a secondary offering, certain performance criteria were achieved resulting in the vesting of 4.1 million performance-based stock options, and accordingly, these vested performance-based stock options are included in the diluted weighted-average shares outstanding for the 13 and 26 weeks ended June 27, 2020.

On April 27, 2020 in conjunction with an additional secondary offering, certain performance criteria were achieved resulting in the vesting of the remaining 1.7 million unvested performance-based stock options, and accordingly, these vested performance-based stock options are included in the diluted weighted-average shares outstanding for the 13 and 26 weeks ended June 27, 2020. See Note 5 for additional information.

The following weighted-average common stock equivalents were excluded from the calculation of diluted earnings (loss) per share because their effect would have been anti-dilutive (in thousands):


	13 Weeks Ended			26 Weeks Ended
	June 27, 2020	June 29, 2019	June 27, 2020	June 29, 2019
Stock options	—	5,935	—	5,838
RSUs	121	79	61	59
Total	121	6,014	61	5,897