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Earnings (Loss) per Share

12 Months Ended

Dec. 27, 2020

Earnings (Loss) per Share

Earnings (Loss) Per Share

8. Earnings (Loss) per Share

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We compute earnings (loss) per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings (loss) per share for common shareholders 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 participating securities and undistributed earnings allocated to participating securities, are subtracted from net income attributable to the Company in determining net income (loss) attributable to common shareholders.  Additionally, any accretion to the redemption value for the Series B Preferred Stock is treated as a deemed dividend in the two-class EPS calculation.

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Basic earnings (loss) per common share are computed by dividing net income (loss) attributable to common shareholders by the weighted-average common shares outstanding.  Diluted earnings (loss) per common share are computed by dividing the net income (loss) attributable to common shareholders by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding consist of basic weighted average common shares outstanding plus weighted average awards outstanding under our equity compensation plans, which are dilutive securities.

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The calculations of basic earnings (loss) per common share and diluted earnings (loss) per common share for the years ended December 27, 2020, December 29, 2019 and December 30, 2018 are as follows (in thousands, except per share data):

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	2020		​	2019			2018
​	​	​	​	​	​	​	​	​
Basic earnings (loss) per common share	​	​	​	​	​	​	​	​
Net income attributable to the Company	$	57,932	​	$	4,866	​	$	2,474
Dividends paid to participating securities and accretion	​	(14,059)	​	​	(12,499)	​	​	—
Net income attributable to participating securities		(2,136)	​		—	​		—
Net income (loss) attributable to common shareholders	$	41,737	​	$	(7,633)	​	$	2,474
​	​	​	​	​	​	​	​	​
Basic weighted average common shares outstanding		32,421	​		31,632	​		32,083
Basic earnings (loss) per common share	$	1.29	​	$	(0.24)	​	$	0.08
​	​	​	​	​	​	​	​	​
Diluted earnings (loss) per common share	​	​	​	​	​	​	​	​
Net income (loss) attributable to common shareholders	$	41,737	​	$	(7,633)	​	$	2,474
​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding		32,421	​		31,632	​		32,083
Dilutive effect of outstanding equity awards (a)		296	​		—	​		216
Diluted weighted average common shares outstanding (b)		32,717	​		31,632	​		32,299
Diluted earnings (loss) per common share	$	1.28	​	$	(0.24)	​	$	0.08

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(a) Shares subject to options to purchase common stock with an exercise price greater than the average market price for the year were not included in the computation of diluted earnings per common share because the effect would have been antidilutive. The weighted average number of shares subject to antidilutive options was 100 in 2020 and 1,200 in 2018, respectively (none in 2019).

(b) The Company had 252.5 shares of Series B Preferred Stock outstanding as of December 27, 2020 and December 29, 2019, respectively.  For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income (loss) attributable to common shareholders.  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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See Note 21 for additional information regarding our equity awards, including restricted stock.

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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