| 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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Thirty-Nine Weeks Ended
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September 26, 2020
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September 28, 2019
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September 26, 2020
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September 28, 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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1,385
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$
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(1,424)
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1,975
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(6,461)
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Dividends on Series A Convertible Preferred Stock
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—
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40
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71
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120
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Net income (loss) allocable to common shares
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$
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1,385
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$
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(1,464)
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$
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1,904
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$
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(6,581)
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Denominator:
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Weighted-average common shares outstanding (basic)
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44,686
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35,856
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40,314
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35,623
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Common equivalent shares from common stock options, restricted stock and preferred stock
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8,887
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—
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10,072
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—
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Weighted-average common shares outstanding (diluted)
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53,573
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35,856
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50,386
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35,623
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Basic 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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0.05
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$
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(0.18)
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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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0.04
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$
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(0.18)
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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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Thirty-Nine Weeks Ended
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September 26, 2020
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September 28, 2019
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September 26, 2020
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September 28, 2019
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Performance stock units
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—
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-
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—
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4
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Restricted stock units
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4
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35
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30
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72
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Series A Convertible Preferred Stock (a)
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—
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2,771
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—
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2,771
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Options to purchase common stock
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259
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6,855
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289
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6,540
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Total
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263
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9,661
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319
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9,387
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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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