Net (Loss) Income Per Share

6 Months Ended

Jul. 02, 2023

NET (LOSS) INCOME PER SHARE

We calculate basic net (loss) income per share by dividing earnings allocated to common stockholders by the basic weighted-average number of common shares outstanding for the period.

Diluted weighted-average shares is computed by using the basic weighted-average number of common shares outstanding plus any potentially dilutive securities outstanding during the period using the if-converted method, except when their effect is anti-dilutive. Potentially dilutive securities include restricted stock units and the outstanding senior convertible debentures.

The guidance in ASC 260, Earnings Per Share, requires that companies use income from continuing operations as a “control number” or benchmark to determine whether potential common shares are dilutive or antidilutive. When calculating discontinued operations, we used the same number of potential common shares used in computing the diluted per-share amount of income from continuing operations in computing all other reported diluted per-share amounts, even if the effect will be antidilutive compared to their respective basic per-share amounts.

The following table presents the calculation of basic and diluted net (loss) income per share attributable to stockholders:


	Three Months Ended				Six Months Ended
(In thousands, except per share amounts)	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
Basic and diluted net (loss) income per share:
Numerator:
Net (loss) income attributable to stockholders - continuing operations1	$	(30,272)	$	(42,496)	$	(73,596)	$	(44,662)
Net (loss) income attributable to stockholders - discontinued operations	(2,796)		(20,616)		(10,156)		(46,321)
Net (loss) income attributable to stockholders	$	(33,068)	$	(63,112)	$	(83,752)	$	(90,983)
Denominator:
Basic weighted-average common shares	175,042		173,951		174,785		173,664

Basic and dilutive net (loss) income per share - continuing operations	$	(0.17)	$	(0.24)	$	(0.42)	$	(0.26)
Basic and dilutive net (loss) income per share - discontinued operations	(0.02)		(0.12)		(0.06)		(0.27)
Basic and dilutive net (loss) income per share	$	(0.19)	$	(0.36)	$	(0.48)	$	(0.53)

1 There was no add back of interest expense for the convertible debentures or effect of dilutive securities for the six months ended July 2, 2023, and the three and six months ended July 3, 2022. The convertible debentures were repaid during the first quarter of fiscal 2023.

The following is a summary of outstanding anti-dilutive potential common stock that was excluded from diluted net (loss) income per share attributable to stockholders in the following periods:


	Three Months Ended		Six Months Ended
(In thousands)	July 2, 2023	July 3, 2022	July 2, 2023	July 3, 2022
Restricted stock units	5,025	3,433	4,649	3,465

4.00% debentures due 2023	—	17,068	1,500	17,068