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EARNINGS (LOSS) PER SHARE | 9 Months Ended
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Oct. 01, 2023
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of outstanding equity awards for the period using the treasury-stock method. The following table sets forth the computation of earnings (loss) per common share for the periods indicated:
| Twelve Weeks Ended |  | Forty Weeks Ended
(in thousands, except per share amounts) | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
Numerator: |  |  |  |  |  |  |
Net income (loss) | $ | 6,833 |  |  | $ | (11,893) |  |  | $ | 11,231 |  |  | $ | (40,141) |
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding, basic | 113,584 |  |  | 1,327 |  |  | 43,244 |  |  | 1,314 |
Dilutive awards outstanding | 4,129 |  |  | — |  |  | 2,722 |  |  | — |
Weighted average shares outstanding, diluted | 117,713 |  | 1,327 |  | 45,966 |  | 1,314
Earnings (loss) per common share: |  |  |  |  |  |  |
Basic | $ | 0.06 |  |  | $ | (8.96) |  |  | $ | 0.26 |  |  | $ | (30.54) |
Diluted | $ | 0.06 |  |  | $ | (8.96) |  |  | $ | 0.24 |  |  | $ | (30.54) |
The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted earnings (loss) per share as their impact would have been anti-dilutive for the periods indicated:
| Twelve Weeks Ended |  | Forty Weeks Ended
(in thousands) | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
Stock options | — |  |  | 1,461 |  |  | — |  |  | 1,461 |
Restricted stock units | — |  |  | 765 |  |  | — |  |  | 765 |
Preferred stock (as converted to common shares) | — |  |  | 95,204 |  |  | — |  |  | 95,204 |
Total common stock equivalents | — |  |  | 97,430 |  |  | — |  |  | 97,430 |
During the twelve and forty weeks ended October 2, 2022, the Company’s potentially dilutive securities, which include preferred stock and outstanding awards under the 2015 Plan, have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive in a net loss position.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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