(Loss) Earnings Per Share

6 Months Ended

Aug. 24, 2012

(Loss) Earnings Per Share

Note 7 – (Loss) Earnings Per Share

The following table sets forth the computation of (loss) earnings per share and (loss) earnings per share—assuming dilution:

	Three Months Ended					Six Months Ended
	August 24, 2012			August 26, 2011		August 24, 2012		August 26, 2011
Numerator (in thousands):
Net (loss) income	$	(4,254	)	$	14,476	$	2,996	$	47,069
Denominator (in thousands):
Weighted average shares outstanding		33,753			40,697		34,630		40,599
Effect of dilutive securities:
Stock options and awards		—			992		699		1,244
Weighted average shares outstanding – assuming dilution		33,753			41,689		35,329		41,843
(Loss) earnings per share	$	(0.13	)	$	0.36	$	0.09	$	1.16
(Loss) earnings per share – assuming dilution	$	(0.13	)	$	0.35	$	0.08	$	1.12

Certain stock options were excluded from the computation of earnings per share-assuming dilution, as the effect would have been antidilutive due to the net loss in the period. The stock options excluded from the computation of earnings per share-assuming dilution were approximately 3.7 million in both the three and six month periods ended August 24, 2012 (2.5 million and 2.2 million in the three and six month periods ended August 26, 2011, respectively) because the options’ exercise prices were greater than the average price of the common shares.

There were an insignificant number of Class A common shares issued upon exercise of employee stock options and vesting of equity awards during the three months ended August 24, 2012 (0.2 million Class A common shares during the three months ended August 26, 2011). The Corporation issued approximately 0.2 million Class A common shares and an insignificant number of Class B common shares upon exercise of employee stock options and vesting of equity awards during the six months ended August 24, 2012 (0.7 million and 0.3 million Class A and Class B common shares, respectively, during the six months ended August 26, 2011).