Income (Loss) Per Share

9 Months Ended

Jun. 29, 2012

Income (Loss) Per Share [Abstract]

INCOME (LOSS) PER SHARE

8. INCOME (LOSS) PER SHARE

Basic net income (loss) per common share is presented in conformity with the two-class method required for participating securities. Upon completion of the IPO in March 2012, all outstanding shares of preferred stock were converted to common stock. As a result, common stock is the Company’s only outstanding capital stock as of June 29, 2012.

Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The Company’s potential dilutive common shares consist of common shares issuable upon the exercise of warrants, stock options and vesting of restricted stock and units. The dilutive effect of outstanding stock options is reflected in diluted earnings (loss) per share by application of the treasury stock method.

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


		Three Months Ended								Nine Months Ended
		June 29, 2012				July 1, 2011				June 29, 2012				July 1, 2011
Numerator:
Net income (loss) available to controlling interest		$	13,545			$	(40,015	)		$	(17,974	)		$	(41,166	)
Accretion to redemption value of redeemable convertible preferred stock			—				(1,364	)			(2,616	)			(2,846	)
Participating restricted stock dividends			(41	)			—				—				—
Dividends declared and paid or payable to preferred stockholders			—				—				—				(76,216	)

Net income (loss) attributable to common stockholders		$	13,504			$	(41,379	)		$	(20,590	)		$	(120,228	)

Dividends declared and paid to common stockholders		$	—			$	—			$	—			$	3,784

Denominator:
Weighted average common shares outstanding-basic			45,160				1,653				17,933				1,432
Dilutive effect of options and warrants			2,104				—				—				—

Weighted average common shares outstanding-diluted			47,264				1,653				17,933				1,432

Common stock income (loss) per share-basic:
Distributed		$	—			$	—			$	—			$	2.64
Undistributed			0.30				(25.03	)			(1.15	)			(83.96	)

Net common stock income (loss) per share		$	0.30			$	(25.03	)		$	(1.15	)		$	(81.32	)

Common stock income (loss) per share-diluted:
Distributed		$	—			$	—			$	—			$	2.64
Undistributed			0.29				(25.03	)			(1.15	)			(83.96	)

Net common stock income (loss) per share		$	0.29			$	(25.03	)		$	(1.15	)		$	(81.32	)

The following common equivalent shares were excluded from the calculation from net income per share as their inclusion would have been antidilutive (in thousands):


		Three Months Ended								Nine Months Ended
		June 29, 2012				July 1, 2011				June 29, 2012				July 1, 2011
Stock options, warrants, restricted stock and units			—				2,185				2,353				2,361
Convertible preferred stock			—				37,748				23,644				26,686

Total common stock equivalent shares excluded			—				40,114				25,997				29,172

The entire disclosure for earnings per share.

+ References+ Details