Computation of Earnings Per Share

9 Months Ended

Oct. 02, 2020

Earnings Per Share Reconciliation [Abstract]

COMPUTATION OF EARNINGS PER SHAREThe computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each period. The computation of diluted earnings per share reflects the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan, shares issuable on redemption of its convertible notes and shares issuable upon redemption of outstanding warrants.

15. COMPUTATION OF EARNINGS PER SHARE (CONTINUED)


	For the Three Months Ended				For the Nine Months Ended
	October 2, 2020		September 27, 2019		October 2, 2020		September 27, 2019
In thousands, except per share amounts
(Loss) earnings from continuing operations	$	(38,507)	$	10,130	$	(39,014)	$	22,341
Total earnings from discontinued operations	—		132,646		692		148,026
Net (loss) earnings	$	(38,507)	$	142,776	$	(38,322)	$	170,367

Basic:
Weighted average number of shares outstanding	27,687		27,952		27,718		27,941

(Loss) earnings per share from continuing operations	$	(1.39)	$	0.36	$	(1.41)	$	0.80
Earnings per share from discontinued operations	0.00		4.75		0.03		5.30
Basic (loss) earnings per share	$	(1.39)	$	5.11	$	(1.38)	$	6.10

Diluted:
Weighted average number of shares outstanding	27,687		27,952		27,718		27,941
Weighted average shares issuable on exercise of dilutive stock options	—		165		—		163
Total	27,687		28,117		27,718		28,104

(Loss) earnings per share from continuing operations	$	(1.39)	$	0.36	$	(1.41)	$	0.79
Earnings per share from discontinued operations	0.00		4.72		0.03		5.27
Diluted (loss) earnings per share	$	(1.39)	$	5.08	$	(1.38)	$	6.06

Equity awards

For the three-month and nine-month fiscal periods ended October 2, 2020, respectively, 610,253 and 608,804 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. For the three-month and nine-month fiscal periods ended September 27, 2019, respectively, 373,935 and 377,942 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

All outstanding stock awards were excluded in the computation of diluted earnings per share in the three-month and nine-month fiscal periods ended October 2, 2020 because their effect was antidilutive due to the loss from continuing operations. For the three-month and nine-month fiscal periods ended October 2, 2020, respectively, an additional 15,574 and 34,288 shares issuable under equity awards, which would have been dilutive if exercised based on the average market price being higher than the exercise price, were excluded from the computation of diluted earnings per share as their effect was antidilutive due to the loss from continuing operations.

2024 Convertible Notes

For the three-month and nine-month fiscal periods ended October 2, 2020 and September 27, 2019, shares issuable under the Convertible Notes due 2024 were excluded from the diluted earnings per share calculation because the conversion price was more than the average market price of the Company's stock during the periods.