Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share (Tables)

v3.20.2
Net Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 27, 2020
Net Income (Loss) Per Share  
Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended

 

    

June 27, 2020

    

June 29, 2019

    

June 27, 2020

    

June 29, 2019

Net income (loss) per share:

 

 

  

 

 

 

 

  

 

 

Numerator:

 

 

  

 

 

  

 

 

  

 

 

  

Net income (loss)

 

$

1,568

 

$

(1,457)

 

 

590

 

 

(5,038)

Dividends on Series A Convertible Preferred Stock

 

 

33

 

 

40

 

 

71

 

 

80

Net income (loss) allocable to common shares

 

$

1,535

 

$

(1,497)

 

$

519

 

$

(5,118)

Denominator:

 

 

  

 

 

  

 

 

  

 

 

  

Weighted-average common shares outstanding (basic)

 

 

39,386

 

 

35,632

 

 

38,124

 

 

35,506

Common equivalent shares from common stock options, restricted stock and preferred stock

 

 

7,943

 

 

 —

 

 

3,934

 

 

 —

Weighted-average common shares outstanding (diluted)

 

 

47,329

 

 

35,632

 

 

42,058

 

 

35,506

Basic net income (loss) per share

 

$

0.04

 

$

(0.04)

 

$

0.01

 

$

(0.14)

Diluted net income (loss) per share

 

$

0.03

 

$

(0.04)

 

$

0.01

 

$

(0.14)

 

Anti-Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share

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):

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended

 

    

June 27, 2020

    

June 29, 2019

    

June 27, 2020

    

June 29, 2019

Performance stock units

 

 —

 

651

 

 —

 

332

Restricted stock units

 

 3

 

248

 

 2

 

289

Series A Convertible Preferred Stock (a)

 

 —

 

2,771

 

2,551

 

2,771

Options to purchase common stock

 

236

 

7,238

 

619

 

6,774

Total

 

239

 

10,908

 

3,172

 

10,166

 

 

(a)

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.