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Earnings (loss) per Share
6 Months Ended
Jul. 01, 2017
Earnings Per Share [Abstract]  
Earnings (loss) per Share
Earnings (loss) per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock awards and warrants were settled for common shares during the period.

Earnings per share (in millions, except per share data):
 
 
 
Three Months Ended

Six Months Ended
 
 
 
July 1, 2017

July 2, 2016

July 1, 2017

July 2, 2016
 
Basic:
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to the Company
 
$
17

 
$
(45
)
 
$
25

 
$
(71
)
 
Weighted-average shares outstanding
 
51,996,353

 
51,533,236

 
51,928,911

 
51,405,373

 
Basic earnings (loss) per share
 
$
0.33

 
$
(0.88
)
 
$
0.49

 
$
(1.38
)
 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to the Company
 
$
17

 
$
(45
)
 
$
25

 
$
(71
)
 
Weighted-average shares outstanding
 
51,996,353

 
51,533,236

 
51,928,911

 
51,405,373

 
Dilutive shares(1)
 
1,132,304

 

 
1,109,045

 

 
Diluted weighted-average shares outstanding
 
53,128,657

 
51,533,236

 
53,037,956

 
51,405,373

 
Diluted earnings (loss) per share
 
$
0.32

 
$
(0.88
)
 
$
0.48

 
$
(1.38
)
 
 
 
 
 
 
 
 
 
 
 
(1) Due to net losses in the second quarter and fiscal year-to-date of 2016, options, awards and warrants were anti-dilutive and therefore excluded from the earnings per share calculation.
 


There were 273,216 outstanding options and awards to purchase common shares that were anti-dilutive and excluded from the second quarter earnings per share calculation as of July 1, 2017 compared to 1,313,435 as of July 2, 2016. There were 701,272 outstanding options and awards to purchase common shares that were anti-dilutive and excluded from the six months ended earnings per share calculation as of July 1, 2017 compared to 1,356,668 as of July 2, 2016. Anti-dilutive securities consist primarily of stock appreciation rights (“SARs”) with an exercise price greater than the average market closing price of the Class A common stock.