Earnings Per Share

9 Months Ended

Sep. 29, 2018

10. Loss Per Share

Basic and diluted loss per share were calculated as follows (shares in thousands):

			Quarter ended				Three quarters ended
			September 29, 2018		September 30, 2017		September 29, 2018		September 30, 2017
Numerator for basic loss per share:
	Loss attributable to SunOpta Inc.		$	(4,606)	$	(6,027)	$	(12,143)	$	(17,833)
	Less: dividends and accretion on Series A Preferred Stock			(1,981)		(1,954)		(5,922)		(5,848)
	Loss attributable to common shareholders		$	(6,587)	$	(7,981)	$	(18,065)	$	(23,681)

Denominator for basic loss per share:
	Basic weighted-average number of shares outstanding			87,168		86,541		86,982		86,232

Basic loss per share			$	(0.08)	$	(0.09)	$	(0.21)	$	(0.27)

Numerator for diluted loss per share:
	Loss attributable to SunOpta Inc.		$	(4,606)	$	(6,027)	$	(12,143)	$	(17,833)
	Less: dividends and accretion on Series A Preferred Stock⁽¹⁾			(1,981)		(1,954)		(5,922)		(5,848)
	Loss attributable to common shareholders		$	(6,587)	$	(7,981)	$	(18,065)	$	(23,681)

Denominator for diluted loss per share:
	Basic weighted-average number of shares outstanding			87,168		86,541		86,982		86,232
	Dilutive effect of the following:
		Series A Preferred Stock⁽¹⁾		-		-		-		-
		Stock options and restricted stock units⁽²⁾		-		-		-		-
	Diluted weighted-average number of shares outstanding			87,168		86,541		86,982		86,232

Diluted loss per share			$	(0.08)	$	(0.09)	$	(0.21)	$	(0.27)

(1) For the quarters and three quarters ended September 29, 2018 and September 30, 2017, it was more dilutive to assume the Preferred Stock was not converted into Common Shares and, therefore, the numerator of the diluted loss per share calculation was not adjusted to add back the dividends and accretion on the Preferred Stock and the denominator was not adjusted to include 11,333,333 Common Shares issuable on an if-converted basis.

(2) For the quarter and three quarters ended September 29, 2018, stock options and restricted stock units to purchase or receive 625,167 (September 30, 2017 – 917,702) and 575,776 (September 30, 2017 – 850,013) Common Shares, respectively, were excluded from the calculation of diluted loss per share due to their anti-dilutive effect of reducing the loss per share. In addition, for the quarter and three quarters ended September 29, 2018, options to purchase 1,864,830 (September 30, 2017 – 1,518,129) and 1,986,406 (September 30, 2017 – 2,488,826) Common Shares, respectively, were anti-dilutive because the exercise prices of these options were greater than the average market price.