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Earnings Per Share | 3 Months Ended
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Mar. 27, 2022
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 shareholders and participating security holders according to dividends declared and participating rights in undistributed earnings. The shares of the Company’s former Series B Convertible Preferred Stock (“Series B Preferred Stock”), all of which were repurchased by the Company or converted into shares of common stock during 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 attributable to common shareholders. Additionally, any accretion to the redemption value for the Series B Preferred Stock was treated as a deemed dividend in the two-class earnings per share calculation. ​ The calculations of basic and diluted earnings per common share are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 27, | ​ | March 28,
​ | ​ | 2022 |  | 2021
Basic earnings per common share (in thousands, except per share data) | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to the Company | ​ | $ | 10,494 | ​ | $ | 33,883
Dividends paid to participating securities | ​ | ​ | (60) | ​ | ​ | (3,527)
Net income attributable to participating securities | ​ |  | — | ​ |  | (3,243)
Net income attributable to common shareholders | ​ | $ | 10,434 | ​ | $ | 27,113
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average common shares outstanding | ​ |  | 35,927 | ​ |  | 32,756
Basic earnings per common share | ​ | $ | 0.29 | ​ | $ | 0.83
​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings per common share (in thousands, except per share data) | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common shareholders | ​ | $ | 10,434 | ​ | $ | 27,113
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding | ​ |  | 35,927 | ​ |  | 32,756
Dilutive effect of outstanding equity awards (a) | ​ |  | 309 | ​ |  | 334
Diluted weighted average common shares outstanding (b) | ​ |  | 36,236 | ​ |  | 33,090
Diluted earnings per common share | ​ | $ | 0.29 | ​ | $ | 0.82
(a) | Excludes 21,000 and 18,000 equity awards for the three months ended March 27, 2022 and March 28, 2021, respectively, as the effect of including such awards would have been anti-dilutive.
(b) | The Company had 252,500 shares of Series B Preferred Stock outstanding at March 28, 2021 (none at March 27, 2022). 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 March 28, 2021. This calculation was anti-dilutive and as such was excluded.

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