(Loss) Earnings Per Share

9 Months Ended

Nov. 23, 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					Nine Months Ended
	November 23, 2012			November 25, 2011		November 23, 2012		November 25, 2011
Numerator (in thousands):
Net (loss) income	$	(809	)	$	20,246	$	2,187	$	67,315
Denominator (in thousands):
Weighted average shares outstanding		31,877			39,481		33,712		40,226
Effect of dilutive securities:
Stock options and awards		—			956		767		1,155
Weighted average shares outstanding – assuming dilution		31,877			40,437		34,479		41,381
(Loss) earnings per share	$	(0.03	)	$	0.51	$	0.06	$	1.67
(Loss) earnings per share – assuming dilution	$	(0.03	)	$	0.50	$	0.06	$	1.63

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 nine month periods ended November 23, 2012 (3.7 million and 2.4 million in the three and nine month periods ended November 25, 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 November 23, 2012 (0.1 million Class A common shares during the three months ended November 25, 2011). There were no Class B common shares issued upon exercise of employee stock options and vesting of equity awards during the three months ended November 23, 2012. 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 nine months ended November 23, 2012 (0.7 million and 0.3 million Class A and Class B common shares, respectively, during the nine months ended November 25, 2011).