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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 26, 2021
Earnings (Loss) Per Share |
Earnings (Loss) Per Share | 7. Earnings (Loss) Per Share ​ 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 shares of Series B Preferred Stock, which were repurchased by the Company or converted into shares of common stock during the second quarter of 2021, 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 or cash payments in excess of their respective carrying values upon redemption was treated as a deemed dividend in the two-class earnings per share calculation. The calculations of basic and diluted earnings (loss) per common share are as follows (in thousands, except per-share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 26, | ​ | September 27, | ​ | September 26, | ​ | September 27,
​ | ​ | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings (loss) per common share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to the Company | ​ | $ | 29,256 | ​ | $ | 15,708 | ​ | $ | 95,393 | ​ | $ | 44,765
Dividends on redemption of Series B Convertible Preferred Stock | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (109,852) | ​ | ​ | —
Dividends paid to participating securities | ​ | ​ | (137) | ​ | ​ | (3,548) | ​ | ​ | (5,964) | ​ | ​ | (10,546)
Net income attributable to participating securities | ​ |  | (158) | ​ |  | (703) | ​ |  | — | ​ |  | (1,809)
Net income (loss) attributable to common shareholders | ​ | $ | 28,961 | ​ | $ | 11,457 | ​ | $ | (20,423) | ​ | $ | 32,410
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average common shares outstanding | ​ |  | 36,387 | ​ |  | 32,616 | ​ |  | 34,619 | ​ |  | 32,347
Basic earnings (loss) per common share | ​ | $ | 0.80 | ​ | $ | 0.35 | ​ | $ | (0.59) | ​ | $ | 1.00
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings (loss) per common share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to common shareholders | ​ | $ | 28,961 | ​ | $ | 11,457 | ​ | $ | (20,423) | ​ | $ | 32,410
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding | ​ |  | 36,387 | ​ |  | 32,616 | ​ |  | 34,619 | ​ |  | 32,347
Dilutive effect of outstanding equity awards (a) | ​ |  | 332 | ​ |  | 355 | ​ |  | — | ​ |  | 296
Diluted weighted average common shares outstanding (b) | ​ |  | 36,719 | ​ |  | 32,971 | ​ |  | 34,619 | ​ |  | 32,643
Diluted earnings (loss) per common share | ​ | $ | 0.79 | ​ | $ | 0.35 | ​ | $ | (0.59) | ​ | $ | 0.99
(a) | Excludes 132 equity awards for the nine months ended September 27, 2020, 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 September 27, 2020 (none at September 26, 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 September 27, 2020. This calculation was anti-dilutive for the September 27, 2020 period and as such was excluded.

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