(LOSS)/EARNINGS PER SHARE AND STOCK REPURCHASES

6 Months Ended

Nov. 29, 2011

(LOSS)/EARNINGS PER SHARE AND STOCK REPURCHASES [Abstract]

(LOSS)/EARNINGS PER SHARE AND STOCK REPURCHASES

NOTE B – (LOSS)/EARNINGS PER SHARE AND STOCK REPURCHASES

Basic (loss)/earnings per share is computed by dividing net (loss)/income by the weighted average number of common shares outstanding during each period presented.  Diluted (loss)/earnings per share gives effect to stock options and restricted stock outstanding during the applicable periods.  The following table shows the calculation of weighted-average common and dilutive potential common shares outstanding as presented in the accompanying Condensed Consolidated Statements of Operations (in thousands):

	Thirteen weeks ended					Twenty-six weeks ended
	November 29, 2011			November 30, 2010		November 29, 2011		November 30, 2010
Net (loss)/income	$	(2,001	)	$	4,565	$	1,092	$	16,962
Weighted-average common
shares outstanding		62,598			64,011		63,177		63,846
Dilutive effect of stock
options and restricted stock		–			887		552		809
Weighted average common
and dilutive potential
common shares outstanding		62,598			64,898		63,729		64,655
Basic (loss)/earnings per share	$	(0.03	)	$	0.07	$	0.02	$	0.27
Diluted (loss)/earnings per share	$	(0.03	)	$	0.07	$	0.02	$	0.26

Stock options with an exercise price greater than the average market price of our common stock and certain options with unrecognized compensation expense do not impact the computation of diluted (loss)/earnings per share because the effect would be anti-dilutive.  The following table summarizes stock options and restricted shares that did not impact the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect (in thousands):

	Thirteen weeks ended					Twenty-six weeks ended
	November 29, 2011			November 30, 2010		November 29, 2011		November 30, 2010
Stock options		3,404	*		3,284		2,074		3,052
Restricted shares		1,143	*		443		899		465
Total		4,547			3,727		2,973		3,517

* Due to a net loss for the 13 weeks ended November 29, 2011, all then outstanding share-based awards were excluded from the computation of diluted loss per share.

During the first quarter of fiscal 2012, we repurchased 2.0 million shares of our common stock at a cost of $18.4 million.  As of November 29, 2011, the total number of remaining shares authorized by our Board of Directors to be repurchased was 5.9 million.  No shares were repurchased during the quarter ended November 29, 2011.