Quarterly report pursuant to Section 13 or 15(d)

(LOSS) EARNINGS PER SHARE

v3.20.2
(LOSS) EARNINGS PER SHARE
6 Months Ended
Jun. 27, 2020
Earnings Per Share [Abstract]  
(LOSS) EARNINGS PER SHARE (LOSS) EARNINGS PER SHAREThe calculations 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 calculations of basic and diluted earnings per share for all periods presented through the Separation date. After the Separation date, actual outstanding shares were used in the calculations of both basic and diluted weighted average number of common shares outstanding.
The following table presents the calculations of basic and diluted EPS:
Three Months Ended June Six Months Ended June
(In thousands, except per share amounts) 2020 2019 2020 2019
Net (loss) income $ (33,262)   $ 37,986    $ (35,974)   $ 53,399   
Basic weighted average shares outstanding 56,931    56,648    56,903    56,648   
Dilutive effect of stock-based awards —    272    —    131   
Diluted weighted average shares outstanding 56,931    56,920    56,903    56,779   
(Loss) earnings per share:
Basic (loss) earnings per common share $ (0.58)   $ 0.67    $ (0.63)   $ 0.94   
Diluted (loss) earnings per common share $ (0.58)   $ 0.67    $ (0.63)   $ 0.94   

All potentially dilutive awards were excluded from the diluted loss per share calculations for the three and six months ended June 2020 because the Company incurred a net loss for these periods and their inclusion would be anti-dilutive. A total of 2.1 million and 1.6 million shares related to stock-based awards were excluded from the diluted loss per share calculations for the three and six months ended June 2020, respectively. The number of potentially dilutive awards excluded from the diluted earnings per share calculations for the three and six months ended June 2019 was not significant.

A total of 0.4 million shares of performance-based restricted stock units were excluded from the calculations of diluted loss per share for the three and six months ended June 2020 as the units were not considered to be contingent outstanding shares.