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Loss per Common Share
12 Months Ended
Jan. 02, 2016
Earnings Per Share [Abstract]  
Loss per Common Share
Loss per Common Share
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding unvested restricted shares. We calculate diluted earnings per share using the treasury stock method, by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including restricted stock awards, performance shares, and stock options. Basic and diluted earnings per share are equivalent for fiscal years ended 2015, 2014, and 2013, because all periods reflected net losses, and all outstanding share-based awards would be antidilutive.
For fiscal years 2015, 2014, and 2013, we excluded 5,127,269, 4,129,822, and 4,595,650 unvested share-based awards, respectively, from the diluted earnings per share calculation because they were anti-dilutive. Outstanding, antidilutive share based awards not included in diluted earnings per share consist of the following securities:
Unvested restricted stock awards of 1,703,396, 2,189,177, and 1,618,283 for fiscal years 2015, 2014, and 2013, respectively.
Performance shares, granted under our 2006 Plan in 2015 and 2013, which are issuable upon satisfaction of certain performance criteria. Unvested performance shares outstanding were 1,263,067 and 1,102,091, and 2,192,868 for fiscal years 2015, 2014, and 2013, respectively, based on our assumption that meeting the performance criteria is probable.
Unvested restricted stock units of 1,401,806 and 54,054 were outstanding for 2015 and 2014, respectively. There were no unvested restricted stock units outstanding for fiscal 2013.
Unexercised stock options outstanding were 759,000 for 2015, and 784,500 for both fiscal years 2014 and 2013.