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Earnings Per Share | 12 Months Ended
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Dec. 28, 2020
Earnings Per Share [Abstract] |
Earnings Per Share |
(1 8) | Earnings Per Share
The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share from continuing operations for the years ended December 28, 2020, December 30, 2019 and December 31, 2018:
|  | For the Year Ended |
|  | December 28, 2020 |  |  | December 30, 2019 |  |  | December 31, 2018 |
|  | (In thousands, except per share amounts) |
Net (loss) income from continuing operations |  | $ | (16,386 | ) |  | $ | 31,921 |  |  | $ | 135,392 |
Diluted (loss) earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income from continuing operations |  | $ | (16,386 | ) |  | $ | 31,921 |  |  | $ | 135,392 |
Interest expense from Convertible Senior Notes, net of tax |  |  | — |  |  |  | — |  |  |  | 11,906 |
Diluted (loss) earnings |  | $ | (16,386 | ) |  | $ | 31,921 |  |  | $ | 147,298 |
Basic weighted average shares |  |  | 106,366 |  |  |  | 105,195 |  |  |  | 103,355 |
Dilutive effect of performance-based restricted stock units, restricted stock units and stock options |  |  | — |  |  |  | 1,137 |  |  |  | 1,677 |
Dilutive effect of outstanding warrants |  |  | — |  |  |  | — |  |  |  | 3,065 |
Dilutive effect of assumed conversion of Convertible Senior Notes outstanding |  |  | — |  |  |  | — |  |  |  | 25,939 |
Diluted shares |  |  | 106,366 |  |  |  | 106,332 |  |  |  | 134,036 |
(Loss) earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.15 | ) |  | $ | 0.30 |  |  | $ | 1.31 |
Diluted |  | $ | (0.15 | ) |  | $ | 0.30 |  |  | $ | 1.10 |
For the years ended December 28, 2020, December 30, 2019 and December 31, 2018, PRUs, RSUs and stock options to purchase 433, 730 and 528 shares of common stock, respectively, were not included in the computation of diluted earnings per share. The PRUs were not included in the computation of diluted earnings per share because the performance conditions had not been met at December 28, 2020, and for RSUs and stock options, the options’ exercise prices or the total expected proceeds under the treasury stock method was greater than the average market price of common shares during the applicable year and, as a result, the impact would be anti-dilutive. The below is a summary of amounts convertible to common stock related to Convertible Senior Notes and related warrants:
|  | For the Year Ended |
|  | December 28, 2020 |  |  | December 30, 2019 |  |  | December 31, 2018 |
|  | (In thousands) |
Common stock related to Convertible Senior Notes |  |  | — |  |  |  | 25,938 |  |  |  | 25,939 |
Warrants to purchase common stock |  |  | 25,940 |  |  |  | 25,940 |  |  |  | 25,940 |
During the year ended December 28, 2020, the Company calculated the dilutive effect of Convertible Senior Notes using the treasury stock method because the Company repaid and settled the Convertible Senior Notes in cash. This change in policy from the if-converted method to treasury stock method was applied on a prospective basis. For the year ended December 28, 2020, the effect of shares of common stock related to the Company’s Convertible Senior Notes were not included in the computation of dilutive earnings per share as the impact would be anti-dilutive due to the net loss from continuing operations. For the year ended December 30, 2019, the effect of shares of common stock related to the Company’s Convertible Senior Notes, based on the if-converted method, were not included in the computation of dilutive earnings per share as the impact would be anti-dilutive. Outstanding warrants for the years ended December 28, 2020 and December 30, 2019, to purchase common stock were not included in the computation of dilutive earnings per share because the strike price of the warrants to purchase the Company’s common stock were greater than the average market price of common shares during the applicable year, and therefore, the effect would be anti-dilutive.

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