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Earnings Per Share | 6 Months Ended
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Jun. 28, 2020
Earnings Per Share |
Earnings Per Share | 7. Earnings Per Share ​ We compute earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings per share for common stockholders and participating security holders according to dividends declared and participating rights in undistributed earnings. The Series B Preferred Stock and time-based restricted stock awards are participating securities because holders of such shares have non-forfeitable dividend rights and participate in undistributed earnings with common stock. Under the two-class method, total dividends provided to the holders of Series B Preferred Stock, including common stock dividends and undistributed earnings allocated to participating securities, are subtracted from net income attributable to the Company in determining net income attributable to common stockholders. Additionally, any accretion to redemption value for the Series B Preferred Stock is treated as a deemed dividend in the two-class EPS calculation. ​ The calculations of basic and diluted earnings per common share are as follows (in thousands, except per-share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 28, | ​ | June 30, | ​ | June 28, | ​ | June 30,
​ | ​ | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to the Company | ​ | $ | 20,614 | ​ | $ | 8,354 | ​ | $ | 29,057 | ​ | $ | 6,623
Preferred stock dividends and accretion | ​ | ​ | (3,347) | ​ | ​ | (3,486) | ​ | ​ | (6,818) | ​ | ​ | (5,556)
Net income attributable to participating securities | ​ |  | (1,560) | ​ |  | — | ​ |  | (1,306) | ​ |  | —
Net income attributable to common shareholders | ​ | $ | 15,707 | ​ | $ | 4,868 | ​ | $ | 20,933 | ​ | $ | 1,067
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average common shares outstanding | ​ |  | 32,335 | ​ |  | 31,587 | ​ |  | 32,214 | ​ |  | 31,570
Basic earnings per common share | ​ | $ | 0.49 | ​ | $ | 0.15 | ​ | $ | 0.65 | ​ | $ | 0.03
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings per common share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common shareholders | ​ | $ | 15,707 | ​ | $ | 4,868 | ​ | $ | 20,933 | ​ | $ | 1,067
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding | ​ |  | 32,335 | ​ |  | 31,587 | ​ |  | 32,214 | ​ |  | 31,570
Dilutive effect of outstanding equity awards (a) | ​ |  | 284 | ​ |  | 186 | ​ |  | 230 | ​ |  | 176
Diluted weighted average common shares outstanding (b) | ​ |  | 32,619 | ​ |  | 31,773 | ​ |  | 32,444 | ​ |  | 31,746
Diluted earnings per common share | ​ | $ | 0.48 | ​ | $ | 0.15 | ​ | $ | 0.65 | ​ | $ | 0.03
(a) | Excludes 145 and 170 equity awards for the three and six months ended June 28, 2020, respectively, and 1,561 and 1,469 equity awards for the three and six months ended June 30, 2019, respectively, as the effect of including such awards would have been anti-dilutive.
(b) | The Company had 252.5 shares of Series B Preferred Stock outstanding as of June 28, 2020 and December 29, 2019. For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common stockholders. The Company then applied the if-converted method to calculate dilution on the Series B Preferred Stock, which resulted in 5.0 million additional common shares. This calculation was anti-dilutive for both periods presented and as such was excluded.

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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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