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Earnings per Share (EPS) and Common Stock | 9 Months Ended
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Jun. 27, 2020
Earnings Per Share And Common Stock [Abstract] |
Earnings per Share (EPS) and Common Stock | 5. 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 (in thousands, except per share data) |  | June 27, 2020 |  |  | June 29, 2019 |  |  | June 27, 2020 |  |  | June 29, 2019 |
Net income (loss) |  | $ | 34,678 |  |  | $ | (14,758 | ) |  | $ | 77,289 |  |  | $ | (37,286 | )
Weighted-average shares outstanding—Basic |  |  | 115,759 |  |  |  | 116,133 |  |  |  | 115,521 |  |  |  | 117,636 |
Dilutive effect of restricted stock units |  |  | 470 |  |  |  | — |  |  |  | 460 |  |  |  | — |
Weighted-average shares outstanding—Diluted |  |  | 116,229 |  |  |  | 116,133 |  |  |  | 115,981 |  |  |  | 117,636 |
Earnings (loss) per share—Basic |  | $ | 0.30 |  |  | $ | (0.13 | ) |  | $ | 0.67 |  |  | $ | (0.32 | )
Earnings (loss) per share—Diluted |  | $ | 0.30 |  |  | $ | (0.13 | ) |  | $ | 0.67 |  |  | $ | (0.32 | )
There were 258,256 and 130,086 anti-dilutive shares for the three and nine months ended June 27, 2020. For the three and nine months ended June 29, 2019, 886,072 and 1,027,559 potentially dilutive shares, respectively, were excluded from diluted EPS as we had a net loss in each period. 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 did not repurchase any shares in the third quarter and first nine months of 2020. We repurchased $25 million and $90 million of our common stock in the third quarter and first nine months of 2019, respectively. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.

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