Note B - (Loss)/Earnings Per Share and Stock Repurchases

9 Months Ended

Mar. 04, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

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, if dilutive. The following table reflects the calculation of weighted-average common and dilutive potential common shares outstanding as presented in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income (in thousands, except per-share data):

	Thirteen weeks ended						Thirty-nine weeks ended
	March 4, 2014			March 5, 2013			March 4, 2014			March 5, 2013
(Loss)/income from continuing operations	$	(7,393	)	$	4,716		$	(64,029	)	$	3,586
Income/(loss) from discontinued operations, net of tax		86			(2,520	)		97			(13,859	)
Net (loss)/income	$	(7,307	)	$	2,196		$	(63,932	)	$	(10,273	)
Weighted-average common shares outstanding		60,351			59,778			60,191			61,532
Dilutive effect of stock options and restricted stock	–				534		–				454
Weighted average common and dilutive potential common shares outstanding		60,351			60,312			60,191			61,986
(Loss)/income per share – Basic
(Loss)/income from continuing operations	$	(0.12	)	$	0.08		$	(1.06	)	$	0.06
Income/(loss) from discontinued operations		0.00			(0.04	)		0.00			(0.23	)
Net (loss)/income per share	$	(0.12	)	$	0.04		$	(1.06	)	$	(0.17	)
(Loss)/income per share – Diluted
(Loss)/income from continuing operations	$	(0.12	)	$	0.08		$	(1.06	)	$	0.06
Income/(loss) from discontinued operations		0.00			(0.04	)		0.00			(0.22	)
Net (loss)/income per share	$	(0.12	)	$	0.04		$	(1.06	)	$	(0.16	)

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)/income 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 (loss)/income per share because their inclusion would have had an anti-dilutive effect (in thousands):

	Thirteen weeks ended					Thirty-nine weeks ended
	March 4, 2014			March 5, 2013		March 4, 2014			March 5, 2013
Stock options		2,692	*		2,410		2,882	*		2,116
Restricted shares		1,090	*		1,119		1,136	*		1,203
Total		3,782			3,529		4,018			3,319

* Due to a net loss from continuing operations for the 13 and 39 weeks ended March 4, 2014, all then outstanding share-based awards were excluded from the computation of diluted loss per share.

During the first 39 weeks of fiscal 2014, we repurchased 0.1 million shares of our common stock at a cost of $0.6 million. As of March 4, 2014, the total number of remaining shares authorized by our Board of Directors to be repurchased was 11.8 million. All shares repurchased during the 39 week period were cancelled as of March 4, 2014.