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Earnings Per Share | 9 Months Ended
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Feb. 25, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
| Three Months Ended |  | Nine Months Ended |  |
(In thousands, except per share amounts) | February 25, 2024 |  | February 26, 2023 |  | February 25, 2024 |  | February 26, 2023 |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations | $ | 14,785 |  |  | $ | (11,330) |  |  | $ | 16,417 |  |  | $ | (27,238) |  |  |  |  |
Income (loss) from discontinued operations, net of tax | 847 |  |  | (25,177) |  |  | 2,679 |  |  | (33,041) |  |  |  |  |
Net income (loss) | $ | 15,632 |  |  | $ | (36,507) |  |  | $ | 19,096 |  |  | $ | (60,279) |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average shares for basic income (loss) per share | 30,488 |  |  | 30,304 |  |  | 30,450 |  |  | 29,838 |  |  |  |  |
Potential preferred stock conversion to common stock | 5,899 |  |  | — |  |  | 5,792 |  |  | — |  |  |  |  |
Dilutive stock options and RSUs | 222 |  |  | — |  |  | 227 |  |  | — |  |  |  |  |
Weighted average shares for diluted income (loss) per share | 36,609 |  |  | 30,304 |  |  | 36,469 |  |  | 29,838 |  |  |  |  |
Basic net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 0.48 |  |  | $ | (0.37) |  |  | $ | 0.54 |  |  | $ | (0.91) |  |  |  |  |
Income (loss) from discontinued operations | $ | 0.03 |  |  | $ | (0.83) |  |  | $ | 0.09 |  |  | $ | (1.11) |  |  |  |  |
Total basic net income (loss) per share | $ | 0.51 |  |  | $ | (1.20) |  |  | $ | 0.63 |  |  | $ | (2.02) |  |  |  |  |
Diluted net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 0.40 |  |  | $ | (0.37) |  |  | $ | 0.45 |  |  | $ | (0.91) |  |  |  |  |
Income (loss) from discontinued operations | $ | 0.02 |  |  | $ | (0.83) |  |  | $ | 0.07 |  |  | $ | (1.11) |  |  |  |  |
Total diluted net income (loss) per share | $ | 0.42 |  |  | $ | (1.20) |  |  | $ | 0.52 |  |  | $ | (2.02) |  |  |  |  |
Due to the Company’s net loss for the three months ended February 26, 2023, the net loss per share includes only the weighted average shares outstanding and thus excludes the potential dilutive effect of 87,670 RSUs; no stock options since they were all out of the money; and 38,750 Convertible Preferred Stock, as such impact would be antidilutive. All antidilutive items relate to the Company’s continuing operations. Due to the Company’s net loss for the nine months ended February 26, 2023, the net loss per share includes only the weighted average shares outstanding and thus excludes the potential dilutive effect of 127,905 RSUs; no stock options since they were all out of the money; and 38,750 Convertible Preferred Stock, respectively, as such impact would be antidilutive. All antidilutive items relate to the Company’s continuing operations. See Note 2 – Convertible Preferred Stock for more information on outstanding Convertible Preferred Stock and Note 3 – Stock-based Compensation and Stockholders’ Equity more information on outstanding RSUs and stock options.

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