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EARNINGS PER SHARE: | 9 Months Ended
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Mar. 31, 2014
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE: The Company’s basic earnings per share is calculated as net (loss) income divided by weighted average common shares outstanding, excluding unvested outstanding restricted stock awards, RSUs and PSUs. The Company’s diluted earnings per share is calculated as net (loss) income divided by weighted average common shares and common share equivalents outstanding, which includes shares issued under the Company’s stock-based compensation plans. Stock-based awards with exercise prices greater than the average market value of the Company’s common stock are excluded from the computation of diluted earnings per share. The Company’s diluted earnings per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive, along with the exclusion of interest expense, net of taxes. The impact of the convertible debt is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share. Net (loss) income from continuing operations available to common shareholders and net (loss) income from continuing operations for diluted earnings per share under the if-converted method was the same for all periods presented. Impacting the net (loss) income from continuing operations were certain errors related to prior periods that were recorded during the first quarter of fiscal year 2014. The errors related to an overstatement of inventory and self-insurance accruals and an understatement of cash in prior periods. Because these errors were not material to the Company’s consolidated financial statements for any prior periods or the first quarter of fiscal year 2014, the Company recorded a cumulative adjustment to correct the errors during the first quarter of fiscal year 2014. The following table sets forth a reconciliation of shares used in the computation of basic and diluted earnings per share:
|  | For the Periods Ended March 31,
|  | Three Months |  | Nine Months
|  | 2014 |  | 2013 |  | 2014 |  | 2013
|  | (Shares in thousands)
Weighted average shares for basic earnings per share |  | 56,473 |  |  | 56,345 |  |  | 56,450 |  |  | 56,816 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Dilutive effect of stock-based compensation (1) |  | — |  |  | 155 |  |  | — |  |  | 112 |
Weighted average shares for diluted earnings per share |  | 56,473 |  |  | 56,500 |  |  | 56,450 |  |  | 56,928 |
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(1) | For the three and nine months ended March 31, 2014, 142,536 and 124,189 common stock equivalents of potentially dilutive common stock, respectively, were excluded from the diluted earnings per share calculation due to the net loss from continuing operations.
The computation of weighted average shares outstanding, assuming dilution, excluded 1,936,388 and 1,514,325 of stock-based awards during the three months ended March 31, 2014 and 2013, respectively, and 1,712,855 and 1,619,322 of stock-based awards during the nine months ended March 31, 2014 and 2013, respectively, as they were not dilutive under the treasury stock method. The computation of weighted average shares outstanding, assuming dilution, also excluded 11,316,328 and 11,267,057 of shares from convertible debt as they were not dilutive for the three months ended March 31, 2014 and 2013, respectively, and 11,304,707 and 11,253,490 as they were not dilutive for the nine months ended March 31, 2014 and 2013, respectively.

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