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Note 2 - Net Income (Loss) Per Common Share
 9 Months Ended
Apr. 02, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 2 – Net Income (Loss) Per Common Share

 

Basic net income (loss) per common share is computed by dividing the net income (loss) during the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (loss) during the period by the sum of the weighted-average number of common shares outstanding during the period and the potentially dilutive common shares (consisting of employee stock options and unvested restricted stock awards).

 

The following table sets forth the computation of basic and diluted net income (loss) per common share:

 

  

Three Months Ended

  

Nine Months Ended

 
  

April 2,
2023

  

March 27,
2022

  

April 2,
2023

  

March 27,
2022

 
  

(in thousands, except per share data)

 

Numerator:

                

Net income (loss)

 $(70,993

)

 $(23,409

)

 $(22,155

)

 $51,860 
                 

Denominator:

                

Weighted average shares outstanding

  64,767   65,028   64,660   65,086 

Effect of dilutive securities:

                

Employee stock options

  -   -   -   63 

Employee restricted stock awards

  -   -   -   700 
   -   -   -   763 
                 

Adjusted weighted-average shares and assumed conversions

  64,767   65,028   64,660   65,849 
                 

Net income (loss) per common share

                

Basic

 $(1.10

)

 $(0.36

)

 $(0.34

)

 $0.80 

Diluted

 $(1.10

)

 $(0.36

)

 $(0.34

)

 $0.79