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Earnings per Share (EPS) and Common Stock | 9 Months Ended
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Jun. 29, 2019
Earnings Per Share and Common Stock |
Earnings per Share (EPS) and Common Stock | Earnings per Share (EPS) and Common Stock EPS Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding RSUs using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of unrecognized compensation expense as additional proceeds.
| Three months ended |  | Nine months ended
Calculation of Basic and Diluted EPS | June 29, 2019 |  | June 30, 2018 |  | June 29, 2019 |  | June 30, 2018
| (in thousands, except per share data)
Net income (loss) | $ | (14,758 | ) |  | $ | 16,997 |  |  | $ | (37,286 | ) |  | $ | 38,796 |
Weighted average shares outstanding—Basic | 116,133 |  |  | 115,774 |  |  | 117,636 |  |  | 115,915 |
Dilutive effect of restricted stock units | — |  |  | 1,726 |  |  | — |  |  | 1,772 |
Weighted average shares outstanding—Diluted | 116,133 |  |  | 117,500 |  |  | 117,636 |  |  | 117,687 |
Earnings (loss) per share—Basic | $ | (0.13 | ) |  | $ | 0.15 |  |  | $ | (0.32 | ) |  | $ | 0.33 |
Earnings (loss) per share—Diluted | $ | (0.13 | ) |  | $ | 0.14 |  |  | $ | (0.32 | ) |  | $ | 0.33 |
There were 3,000 anti-dilutive shares for the nine months ended June 29, 2019 and 0.1 million anti-dilutive shares for the nine months ended June 30, 2018. For the three and nine months ended June 29, 2019 the diluted net loss per share is the same as the basic net loss per share as the effects of all our potential common stock equivalents are antidilutive because we reported a loss for the periods. Common Stock Repurchases Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $1,500 million of our common stock in the period October 1, 2017 through September 30, 2020. We repurchased $25 million and $90 million of our common stock in the third quarter and first nine months of 2019, respectively. In the first nine months of 2018, we repurchased $100 million of our common stock. On July 20, 2018, we entered into an accelerated share repurchase (“ASR”) agreement with a major financial institution (“Bank”). The ASR allowed us to buy a large number of shares immediately at a purchase price determined by an average market price over a period of time. Under the ASR, we agreed to purchase $1,000 million of our common stock, in total, with an initial delivery to us in July 2018 of 8.2 million shares (“Initial Shares”), which represented the number of shares at the current market price equal to 80% of the total fixed purchase price of $1,000 million. The remainder of the total purchase price of $200 million reflected the value of the stock held by the Bank pending final settlement and, accordingly, was recorded as a reduction to additional paid-in capital in 2018. We settled the ASR in May 2019 and the Bank delivered to us 3.0 million shares. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.

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