Common Shares and Net Loss per Common Share

3 Months Ended

Apr. 02, 2022

Common Shares and Net Loss per Common Share

Common Shares

On May 4, 2021, our Board of Directors approved a new share repurchase program for up to $50.0 million of our outstanding common shares over a 12-month period commencing on May 10, 2021. We did not repurchase any outstanding common shares under the plan during the first quarter of 2022. There can be no assurance as to the precise number of common shares, if any, that will be repurchased under the Repurchase Plan in the future, or the aggregate dollar amount of common shares to be purchased in future periods. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.

Net Loss per Common Share

Basic net loss per common share is calculated by dividing net loss by the weighted average number of common shares outstanding during the periods presented. Diluted net loss per common share is calculated by dividing net loss by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, performance-based RSUs, and time-based RSUs during the periods presented. The components of weighted average basic and diluted shares outstanding are below:


	For the Three Months Ended
	April 2, 2022	April 3, 2021
Weighted average common shares outstanding - basic	160,928	160,634
Dilutive effect of Stock Options	—	—
Dilutive effect of Performance-based RSUs	—	—
Dilutive effect of Time-based RSUs	—	—
Weighted average common shares outstanding - diluted	160,928	160,634

The following table summarizes anti-dilutive securities excluded from the computation of diluted net loss per common share for the periods indicated:


	For the Three Months Ended
(in thousands)	April 2, 2022	April 3, 2021
Stock Options	4,715	7,206
Performance-based RSUs 1	1,201	838
Time-based RSUs 2	887	485

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1 Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of performance targets for these awards.

2 Time-based RSUs represent the number of shares expected to be issued based on known employee retention information.