Quarterly report pursuant to Section 13 or 15(d)

(LOSS) EARNINGS PER SHARE

v3.20.1
(LOSS) EARNINGS PER SHARE
 3 Months Ended
Mar. 28, 2020
Earnings Per Share [Abstract]  
(LOSS) EARNINGS PER SHARE (LOSS) EARNINGS PER SHARE
The computation of basic and diluted (loss) earnings per share ("EPS") is based on net (loss) income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively. On May 22, 2019, the Separation from VF was effected through a pro-rata distribution of one share of the Company's common stock for every seven shares of VF common stock held at the close of business on the record date of May 10, 2019. As a result, on May 23, 2019, the Company had 56,647,561 shares of common stock outstanding. This share amount was utilized for the calculation of basic and diluted earnings per share for all periods presented through the Separation date. After the Separation date, actual outstanding shares were used to calculate both basic and diluted weighted average number of common shares outstanding.
The following table presents the computation of basic and diluted EPS:
 
Three Months Ended March
 
 
 
 
 
 
(In thousands, except per share amounts)
 
2020
 
 
2019
Net (loss) income
 
$
(2,712
)
 
 
$
15,413

Basic weighted average shares outstanding
 
56,875

 
 
56,648

Dilutive effect of stock-based awards
 
1,072

 
 
—

Diluted weighted average shares outstanding
 
57,947

 
 
56,648

(Loss) earnings per share:
 
 
 
 
 
Basic (loss) earnings per common share
 
$
(0.05
)
 
 
$
0.27

Diluted (loss) earnings per common share
 
$
(0.05
)
 
 
$
0.27



A total of 0.1 million shares related to stock-based awards were excluded from the calculation of diluted loss per share for the three months ended March 2020 because the effect of their inclusion would have been anti-dilutive. A total of 0.3 million shares of performance-based restricted stock units were excluded from the calculation of diluted loss per share for the three months ended March 2020 as the units were not considered to be contingent outstanding shares.