Earnings Per Share

9 Months Ended

Sep. 27, 2021

(15) 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 quarter and three quarters ended September 27, 2021 and September 28, 2020:

	Quarter Ended					Three Quarters Ended
	September 27, 2021		September 28, 2020			September 27, 2021		September 28, 2020
	(In thousands, except per share amounts)
Net income (loss) from continuing operations	$	20,958	$	(61,472	)	$	46,027	$	(55,346	)

Basic weighted average shares		107,098		106,729			106,917		106,130
Dilutive effect of performance-based restricted stock units, restricted stock units and stock options		1,247		—			1,655		—
Dilutive effect of outstanding warrants		—		—			267		—
Diluted shares		108,345		106,729			108,839		106,130
Earnings (loss) per share:
Basic	$	0.20	$	(0.58	)	$	0.43	$	(0.52	)
Diluted	$	0.19	$	(0.58	)	$	0.42	$	(0.52	)

Performance-based restricted stock units (PRUs), restricted stock units (RSUs), and stock options to purchase 997 and 866 shares of common stock for the quarter and three quarters ended September 27, 2021, 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 September 27, 2021, 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 stock during the applicable quarter and three quarters and, as a result, the impact would be anti-dilutive.

For the quarter and three quarters ended September 28, 2020, potential shares of common stock, consisting of stock options to purchase approximately 80 shares of common stock at exercise prices ranging from $11.83 to $16.60 per share, 3,187 RSUs, and 216 PRUs were not included in the computation of diluted earnings per share because the Company incurred a net loss and as a result, the impact would be anti-dilutive.

Outstanding warrants for the quarter ended September 27, 2021, and the quarter and three quarters ended September 28, 2020 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 was greater than the average market price of common stock during the applicable quarter, and therefore, the effect would be anti-dilutive.