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Net (Loss)/Income Per Share | 9 Months Ended
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Sep. 29, 2020
Net (Loss)/Income Per Share |
Net (Loss)/Income Per Share | 14. Net (Loss)/Income Per Share ​ Basic net income per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period, reduced by unvested restricted stock awards. As of September 29, 2020 and October 1, 2019, 1.9 million shares and 1.8 million shares, respectively, of restricted stock issued to staff members were unvested and, therefore, excluded from the calculation of basic earnings per share for the fiscal periods ended on those dates. Diluted net income per share is computed by dividing net income available to common stockholders by the weighted-average number of common stock equivalents outstanding for the period. ​ Holders of our Preferred Stock participate in dividends on an as-converted basis when declared on common stock. As a result, our Preferred Stock meets the definition of a participating security which requires us to apply the two-class method to compute both basic and diluted net income per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In addition, as our Preferred Stock is a participating security, we are required to calculate diluted net income per share under the if-converted method in addition to the two- class method and utilize the most dilutive result. In periods where there is a net loss, no allocation of undistributed net loss to preferred shareholders is performed as the holders of our Preferred Stock are not contractually obligated to participate in our losses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen | ​ | Thirteen | ​ | Thirty-Nine | ​ | Thirty-Nine
​ | ​ | Weeks Ended | ​ | Weeks Ended | ​ | Weeks Ended | ​ | Weeks Ended
​ |  | September 29, 2020 |  | October 1, 2019 |  | September 29, 2020 |  | October 1, 2019
​ | ​ | (In thousands, except per share data)
Basic net (loss)/income per common share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss)/income | ​ | $ | (28,346) | ​ | $ | 16,090 | ​ | $ | (221,048) | ​ | $ | 78,584
Dividends on preferred stock | ​ |  | (4,838) | ​ |  | — | ​ |  | (8,532) | ​ |  | —
Direct and incremental preferred stock issuance costs | ​ |  | — | ​ |  | — | ​ |  | (10,257) | ​ |  | —
Net (loss)/income available to common stockholders | ​ |  | (33,184) | ​ |  | 16,090 | ​ |  | (239,837) | ​ |  | 78,584
Basic weighted-average shares outstanding | ​ | ​ | 43,900 | ​ | ​ | 43,682 | ​ | ​ | 43,849 | ​ | ​ | 44,034
Basic net (loss)/income per common share | ​ | $ | (0.76) | ​ | $ | 0.37 | ​ | $ | (5.47) | ​ | $ | 1.78
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted net (loss)/income per common share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss)/income available to common stockholders | ​ | ​ | (33,184) | ​ | ​ | 16,090 | ​ | ​ | (239,837) | ​ | ​ | 78,584
Basic weighted-average shares outstanding | ​ | ​ | 43,900 | ​ | ​ | 43,682 | ​ | ​ | 43,849 | ​ | ​ | 44,034
Dilutive effect of equity awards (1) | ​ | ​ | — | ​ | ​ | 504 | ​ | ​ | — | ​ | ​ | 609
Diluted weighted-average shares outstanding | ​ | ​ | 43,900 | ​ | ​ | 44,186 | ​ | ​ | 43,849 | ​ | ​ | 44,643
Diluted net (loss)/income per common share | ​ | $ | (0.76) | ​ | $ | 0.36 | ​ | $ | (5.47) | ​ | $ | 1.76
(1) | Shares of common stock equivalents of 4.0 million and 2.1 million as of September 29, 2020 and October 1, 2019, respectively, were excluded from the diluted calculation due to their anti-dilutive effect.
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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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