Net (Loss) Income Per Common Share

6 Months Ended

Jun. 28, 2014

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

Note 6—Net (Loss) Income Per Common Share

Basic net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated using 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. Diluted net loss per common share is equivalent to basic net loss per common share.

A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows:

	For the Three Months Ended				For the Six Months Ended
(in thousands)	June 28, 2014		June 29, 2013		June 28, 2014		June 29, 2013
Weighted average number of shares outstanding - basic		94,234		95,159		94,276		95,265
Dilutive effect of stock options		—		62		—		55
Dilutive effect of Performance-based RSUs		—		275		—		266
Dilutive effect of Time-based RSUs		—		485		—		462
Adjusted weighted average number of shares outstanding - diluted		94,234		95,981		94,276		96,048

At June 28, 2014, we excluded 832,951 (June 29, 2013—442,131) stock options from the computation of diluted net (loss) income per share because the options’ exercise price was greater than the average market price of the common shares. In addition, we excluded the impact of the remaining stock options, Performance-based RSU’s and Time-based RSUs from the computation of diluted net loss per share for the three and six months ended June 28, 2014 as they were considered anti-dilutive for purposes of calculating loss per share.