| Net Income (Loss) Per Share |
Note 4 – Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data):
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Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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June 27, 2020
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June 29, 2019
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June 27, 2020
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June 29, 2019
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Net income (loss) per share:
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Numerator:
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Net income (loss)
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$
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1,568
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$
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(1,457)
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590
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(5,038)
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Dividends on Series A Convertible Preferred Stock
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33
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40
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71
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80
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Net income (loss) allocable to common shares
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$
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1,535
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$
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(1,497)
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$
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519
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$
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(5,118)
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Denominator:
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Weighted-average common shares outstanding (basic)
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39,386
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35,632
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38,124
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35,506
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Common equivalent shares from common stock options, restricted stock and preferred stock
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7,943
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—
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3,934
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—
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Weighted-average common shares outstanding (diluted)
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47,329
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35,632
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42,058
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35,506
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Basic net income (loss) per share
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$
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0.04
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$
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(0.04)
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$
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0.01
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$
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(0.14)
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Diluted net income (loss) per share
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$
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0.03
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$
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(0.04)
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$
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0.01
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$
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(0.14)
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The anti-dilutive securities, which are excluded from the calculation of diluted earnings per share due to their anti-dilutive effect are as follows (in thousands):
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Thirteen Weeks Ended
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Twenty-Six Weeks Ended
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June 27, 2020
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June 29, 2019
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June 27, 2020
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June 29, 2019
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Performance stock units
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—
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651
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—
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332
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Restricted stock units
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3
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248
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2
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289
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Series A Convertible Preferred Stock (a)
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—
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2,771
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2,551
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2,771
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Options to purchase common stock
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236
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7,238
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619
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6,774
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Total
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239
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10,908
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3,172
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10,166
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(a)
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On June 19, 2020, each outstanding share of the Series A Convertible Preferred Stock (“Preferred Stock”) automatically converted to one share of the Company’s common stock. This automatic conversion was required pursuant to Section 4 of the Preferred Stock purchase agreement (dated March 25, 2013) because the volume weighted average price for the common stock price was equal to, or exceeded, $4.35 for 30 consecutive trading days. The Company issued an aggregate of 2,620,687 shares of common stock in connection with the automatic conversion.
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