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SHAREHOLDERS' DEFICIT
9 Months Ended
Mar. 30, 2022
Stockholders' Equity Note [Abstract]  
Shareholders' Deficit
The changes in Total shareholders’ deficit during the thirty-nine week periods ended March 30, 2022 and March 24, 2021, respectively, were as follows:
Thirty-Nine Week Period Ended March 30, 2022
Common StockAdditional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balances at June 30, 2021$7.0 $685.4 $(266.1)$(724.9)$(4.7)$(303.3)
Net income— — 13.2 — — 13.2 
Other comprehensive loss— — — — (0.4)(0.4)
Dividends— — 0.0 — — 0.0 
Stock-based compensation— 4.3 — — — 4.3 
Purchases of treasury stock— (2.0)— (37.6)— (39.6)
Issuances of treasury stock— (8.3)— 8.6 — 0.3 
Balances at September 29, 2021$7.0 $679.4 $(252.9)$(753.9)$(5.1)$(325.5)
Net income— — 27.6 — — 27.6 
Other comprehensive loss— — — — (0.1)(0.1)
Dividends— — 0.0 — — 0.0 
Stock-based compensation— 5.6 — — — 5.6 
Purchases of treasury stock— 0.0 — (35.1)— (35.1)
Issuances of treasury stock— (1.3)— 1.4 — 0.1 
Balances at December 29, 2021$7.0 $683.7 $(225.3)$(787.6)$(5.2)$(327.4)
Net income— — 36.6 — — 36.6 
Other comprehensive income— — — — 0.4 0.4 
Dividends— — — — — — 
Stock-based compensation— 5.3 — — — 5.3 
Purchases of treasury stock— — — (26.1)— (26.1)
Issuances of treasury stock— (1.2)— 1.2 — — 
Balances at March 30, 2022$7.0 $687.8 $(188.7)$(812.5)$(4.8)$(311.2)
Thirty-Nine Week Period Ended March 24, 2021
Common StockAdditional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balances at June 24, 2020$7.0 $669.4 $(397.5)$(751.8)$(6.2)$(479.1)
Net income— — 10.7 — — 10.7 
Other comprehensive income— — — — 0.3 0.3 
Dividends — — 0.0 — — 0.0 
Stock-based compensation— 3.9 — — — 3.9 
Purchases of treasury stock— (1.1)— (2.8)— (3.9)
Issuances of treasury stock— (9.0)— 12.0 — 3.0 
Balances at September 23, 2020$7.0 $663.2 $(386.8)$(742.6)$(5.9)$(465.1)
Net income— — 12.0 — — 12.0 
Other comprehensive income— — — — 0.5 0.5 
Dividends — — 0.0 — — 0.0 
Stock-based compensation— 3.0 — — — 3.0 
Purchases of treasury stock— 0.0 — 0.0 — 0.0 
Issuances of treasury stock— 1.2 — 4.3 — 5.5 
Balances at December 23, 2020$7.0 $667.4 $(374.8)$(738.3)$(5.4)$(444.1)
Net income— — 33.9 — — 33.9 
Other comprehensive income— — — — 0.3 0.3 
Dividends — — 0.0 — — 0.0 
Stock-based compensation— 4.4 — — — 4.4 
Purchases of treasury stock— (0.1)— (0.1)— (0.2)
Issuances of treasury stock— 5.7 — 9.4 — 15.1 
Balances at March 24, 2021$7.0 $677.4 $(340.9)$(729.0)$(5.1)$(390.6)
Share Repurchases
Our share repurchase program is used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings and planned investment and financing needs. Repurchased shares are reflected as an increase in Treasury stock within Shareholders’ deficit in the Consolidated Balance Sheets (Unaudited).
In the fourth quarter of fiscal 2020, our share repurchase program was suspended in response to the business downturn caused by the COVID-19 pandemic. In August 2021, our Board of Directors reinstated the share repurchase program, allowing for a total available repurchase authority of $300.0 million. In the thirty-nine week period ended March 30, 2022, we repurchased 2.4 million shares of our common stock for $100.8 million, including 2.3 million shares purchased as part of our share repurchase program and 0.1 million shares purchased from team members to satisfy tax withholding obligations on the vesting of restricted shares. As of March 30, 2022, approximately $204.0 million was available under our share repurchase authorizations.
Stock-based Compensation
The following table presents the restricted share awards granted and related weighted average fair value per share amounts.
Thirty-Nine Week Periods Ended
March 30,
2022
March 24,
2021
Restricted share awards
Restricted share awards granted0.4 0.5 
Weighted average fair value per share$52.89 $40.49 
Dividends
In the fourth quarter of fiscal 2020, our Board of Directors voted to suspend the quarterly cash dividend in response to liquidity needs created by the COVID-19 pandemic. In the thirty-nine week periods ended March 30, 2022 and March 24, 2021, dividends paid were solely related to the accrued dividends for restricted share awards that were granted prior to the suspension and vested in the period. Restricted share award dividends are accrued in Other accrued liabilities for the current portion to vest within 12 months, and Other liabilities for the portion that will vest after one year.