EARNINGS PER SHARE

12 Months Ended

Jul. 03, 2021

Basic earnings per share (EPS) is calculated by dividing net income (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Diluted EPS is computed by including both the weighted-average number of shares outstanding and any dilutive common share equivalents in the denominator. The following table presents a reconciliation of the denominator and the number of antidilutive common share awards that were not included in the diluted earnings per share calculation. These antidilutive securities occur when equity awards outstanding have an option price greater than the average market price for the period:


	Fiscal Year Ended (in thousands, except per share information)
	July 3, 2021		June 27, 2020		June 29, 2019
Net income (loss)	$	4,341	$	4,758	$	(7,982)
Weighted average shares outstanding– basic	10,760		10,760		10,760
Effect of dilutive common stock awards	286		56		—
Weighted average shares outstanding – diluted	11,046		10,816		10,760
Net income (loss) per share – basic	$	0.40	$	0.44	$	(0.74)
Net income (loss) per share – diluted	$	0.39	$	0.44	$	(0.74)
Antidilutive SARs not included in diluted earnings per share	314		720		985