Earnings Per Share

3 Months Ended

Jun. 29, 2019

12.	Earnings Per Share

Basic net income (loss) per share (“EPS”) attributable to the Company was computed by dividing net income (loss) attributable to the Company by the average number of common shares outstanding during the period. Certain of the Company’s time-vesting restricted share awards are considered participating securities. Diluted earnings per common share is computed based on the more dilutive of (i) the two-class method, assuming the participating securities are not exercised or converted; or (ii) the summation of average common shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued. During the three months ended June 29, 2019, the two-class method was more dilutive and was not applicable to the June 30, 2018 computation given the net loss recorded for the three months ended June 30, 2018. The number of shares used to calculate earnings per share prior to the Exchange was determined based on the exchange ratio, as defined in the Exchange Agreement.

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended
(Dollars and shares in thousands, except per share data)	June 29, 2019			June 30, 2018
Numerator:
Net income (loss)	$	17,380		$	(853	)
Undistributed earnings allocated to participating securities		(89	)		—
Net income (loss) attributable to the Company's common shareholders	$	17,291		$	(853	)
Denominator:
Basic weighted average shares outstanding		56,368			47,462
Dilutive securities		267			—
Diluted weighted average shares outstanding		56,635			47,462
Basic net income (loss) per share	$	0.31		$	(0.02	)
Diluted net income (loss) per share	$	0.31		$	(0.02	)