Earnings Per Share

9 Months Ended

Dec. 28, 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 and nine months ended December 28, 2019 and the three months ended December 29, 2018, the two-class method was more dilutive. The two-class method was not applicable to the computation for the nine months ended December 29, 2018 given the net loss recorded for that period. 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						Nine Months Ended
(Dollars and shares in thousands, except per share data)	December 28, 2019			December 29, 2018			December 28, 2019			December 29, 2018
Numerator:
Net income (loss)	$	17,037		$	10,513		$	52,162		$	(67,365	)
Undistributed earnings allocated to participating securities		(44	)		(86	)		(196	)		—
Net income (loss) attributable to the Company's common shareholders	$	16,993		$	10,427		$	51,966		$	(67,365	)
Denominator:
Basic weighted average shares outstanding		56,521			56,249			56,457			52,595
Dilutive securities		267			—			248			—
Diluted weighted average shares outstanding		56,788			56,249			56,705			52,595

Basic net income (loss) per share	$	0.30		$	0.19		$	0.92		$	(1.28	)
Diluted net income (loss) per share	$	0.30		$	0.19		$	0.92		$	(1.28	)