Earnings per Share (EPS) and Common Stock

EPS

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding RSUs using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of unrecognized compensation expense and any tax benefits as additional proceeds.



	Three months ended					Nine months ended
Calculation of Basic and Diluted EPS	July 1, 2017			July 2, 2016		July 1, 2017			July 2, 2016
	(in thousands, except per share data)
Net income (loss)	$	(951	)	$	3,073	$	(11,196	)	$	(25,992	)
Weighted average shares outstanding—Basic	115,615			114,795		115,511			114,499
Dilutive effect of restricted stock units	—			903		—			—
Weighted average shares outstanding—Diluted	115,615			115,698		115,511			114,499
Earnings (loss) per share—Basic	$	(0.01	)	$	0.03	$	(0.10	)	$	(0.23	)
Earnings (loss) per share—Diluted	$	(0.01	)	$	0.03	$	(0.10	)	$	(0.23	)

For the nine months ended July 1, 2017 and July 2, 2016 the diluted net loss per share is the same as the basic net loss per share as the effects of our potential common stock equivalents are antidilutive. Total antidilutive shares were 2.0 million and 1.7 million for the nine months ended July 1, 2017 and July 2, 2016, respectively.

Common Stock Repurchases

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors periodically authorizes the repurchase of shares of our common stock. On August 4, 2014, our Board of Directors authorized us to repurchase up to $600 million of our common stock through September 30, 2017. We have repurchased $224.9 million of our common stock under this authorization. In the third quarter and first nine months of 2017, we repurchased $35 million of our common stock. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.