Note B - Loss Per Share and Stock Repurchases

9 Months Ended

Mar. 03, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE B - LOSS PER SHARE AND STOCK REPURCHASES

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during each period presented. Diluted loss 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 (in thousands, except per share data):

	Thirteen weeks ended						Thirty-nine weeks ended
	March 3, 2015			March 4, 2014			March 3, 2015			March 4, 2014
Loss from continuing operations	$	(769	)	$	(7,393	)	$	(7,477	)	$	(64,029	)
Income from discontinued operations, net of tax		-			86			-			97
Net loss	$	(769	)	$	(7,307	)	$	(7,477	)	$	(63,932	)
Weighted-average common shares outstanding		60,643			60,351			60,532			60,191
Dilutive effect of stock options and restricted stock		-			-			-			-
Weighted average common and dilutive potential common shares outstanding		60,643			60,351			60,532			60,191
Loss per share - Basic
Loss from continuing operations	$	(0.01	)	$	(0.12	)	$	(0.12	)	$	(1.06	)
Income from discontinued operations		-			-			-			-
Net loss per share	$	(0.01	)	$	(0.12	)	$	(0.12	)	$	(1.06	)
Loss per share - Diluted
Loss from continuing operations	$	(0.01	)	$	(0.12	)	$	(0.12	)	$	(1.06	)
Income from discontinued operations		-			-			-			-
Net loss per share	$	(0.01	)	$	(0.12	)	$	(0.12	)	$	(1.06	)

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

	Thirteen weeks ended						Thirty-nine weeks ended
	March 3, 2015			March 4, 2014			March 3, 2015			March 4, 2014
Stock options		3,057	*		2,692	*		3,087	*		2,882	*
Restricted shares		1,412	*		1,090	*		1,350	*		1,136	*
Total		4,469			3,782			4,437			4,018

*Due to a net loss from continuing operations for the 13 and 39 weeks ended March 3, 2015 and March 4, 2014, all outstanding share-based awards were excluded from the computation of diluted loss per share.

During the 39 weeks ended March 3, 2015, we repurchased an insignificant number of shares of our common stock at a cost of $0.1 million. As of March 3, 2015, the total number of remaining shares authorized by our Board of Directors to be repurchased was 11.8 million. All shares repurchased during the first 39 weeks of fiscal year 2015 were cancelled as of March 3, 2015.