Net (Loss) Income Per Common Share

9 Months Ended

Sep. 27, 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 Nine Months Ended
(in thousands)	September 27, 2014		September 28, 2013		September 27, 2014		September 28, 2013
Weighted average number of shares outstanding—basic		93,607		94,235		94,053		94,922
Dilutive effect of stock options		39		53		—		53
Dilutive effect of Performance-based RSUs		276		167		—		283
Dilutive effect of Time-based RSUs		426		317		—		497
Adjusted weighted average number of shares outstanding—diluted		94,348		94,772		94,053		95,755

At September 27, 2014, we excluded 832,951 (September 28, 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 RSUs and Time-based RSUs from the computation of diluted net loss per share for the nine months ended September 27, 2014 as they were considered anti-dilutive for purposes of calculating loss per share.