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(Loss) Earnings Per Share | 6 Months Ended
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Jun. 27, 2021
(Loss) Earnings Per Share |
(Loss) Earnings Per Share | 7. (Loss) Earnings Per Share ​ We compute (loss) earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines (loss) earnings 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 (loss) income attributable to common shareholders. Additionally, any accretion to the redemption value for the Series B Preferred Stock or cash payments in excess of their respective carrying values upon redemption is treated as a deemed dividend in the two-class earnings per share calculation. ​ The calculations of basic and diluted (loss) earnings per common share are as follows (in thousands, except per-share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 27, | ​ | June 28, | ​ | June 27, | ​ | June 28,
​ | ​ | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic (loss) earnings per common share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to the Company | ​ | $ | 32,254 | ​ | $ | 20,614 | ​ | $ | 66,137 | ​ | $ | 29,057
Dividends on redemption of Series B Convertible Preferred Stock | ​ | ​ | (109,852) | ​ | ​ | — | ​ | ​ | (109,852) | ​ | ​ | —
Dividends paid to participating securities | ​ | ​ | (2,300) | ​ | ​ | (3,347) | ​ | ​ | (5,827) | ​ | ​ | (6,818)
Net income attributable to participating securities | ​ |  | — | ​ |  | (1,560) | ​ |  | — | ​ |  | (1,306)
Net (loss) income attributable to common shareholders | ​ | $ | (79,898) | ​ | $ | 15,707 | ​ | $ | (49,542) | ​ | $ | 20,933
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average common shares outstanding | ​ |  | 34,729 | ​ |  | 32,335 | ​ |  | 33,739 | ​ |  | 32,214
Basic (loss) earnings per common share | ​ | $ | (2.30) | ​ | $ | 0.49 | ​ | $ | (1.47) | ​ | $ | 0.65
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted (loss) earnings per common share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income attributable to common shareholders | ​ | $ | (79,898) | ​ | $ | 15,707 | ​ | $ | (49,542) | ​ | $ | 20,933
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding | ​ |  | 34,729 | ​ |  | 32,335 | ​ |  | 33,739 | ​ |  | 32,214
Dilutive effect of outstanding equity awards (a) | ​ |  | — | ​ |  | 284 | ​ |  | — | ​ |  | 230
Diluted weighted average common shares outstanding (b) | ​ |  | 34,729 | ​ |  | 32,619 | ​ |  | 33,739 | ​ |  | 32,444
Diluted (loss) earnings per common share | ​ | $ | (2.30) | ​ | $ | 0.48 | ​ | $ | (1.47) | ​ | $ | 0.65
(a) | Excludes 145 and 170 equity awards for the three and six months ended June 28, 2020, 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 at June 28, 2020 (none at June 27, 2021). For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income 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 for June 28, 2020. This calculation was anti-dilutive for the June 29, 2020 period and as such was excluded.

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