Earnings (Loss) Per Share

3 Months Ended

Mar. 30, 2024

Earnings (Loss) Per Share [Abstract]

11. Earnings (Loss) Per Share

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

				Quarter ended
		March 30,			April 1,
		2024			2023
Numerator
Earnings (loss) from continuing operations	$	3,837		$	(2,827	)
Less: dividends and accretion on preferred stock		(433	)		(704	)

Earnings (loss) from continuing operations attributable to common shareholders		3,404			(3,531	)
Earnings (loss) from discontinued operations		(1,417	)		4,204
Earnings attributable to common shareholders	$	1,987		$	673

Denominator
Basic weighted-average number of shares outstanding		116,033			110,014
Dilutive effect of the following:

Stock options, restricted stock units and performance share units⁽¹⁾		1,525			-
Series B-1 Preferred Stock⁽²⁾		-			-
Diluted weighted-average number of shares outstanding		117,558			110,014

Basic and Diluted Earnings (Loss) Per Share
Earnings (loss) from continuing operations	$	0.03		$	(0.03	)
Earnings (loss) from discontinued operations		(0.01	)		0.04
Earnings attributable to common shareholders	$	0.02		$	0.01

(1) For the quarter ended April 1, 2023, 3,092,596 potential common shares were excluded from the calculation of diluted loss per share due to their effect of reducing the loss per share from continuing operations. Dilutive potential common shares consist of stock options, RSUs, and certain contingently issuable PSUs. For the quarters ended March 30, 2024 and April 1, 2023, stock options and RSUs to purchase or receive 2,399,822 and 2,243,349 potential common shares, respectively, were anti-dilutive because the assumed proceeds exceeded the average market price of the Common Shares for the respective periods.

(2) For the quarters ended March 30, 2024 and April 1, 2023, it was more dilutive to assume the Series B-1 Preferred Stock was not converted into Common Shares and, therefore, the numerator of the diluted earnings per share calculation was not adjusted to add back the dividends and accretion on the Series B-1 Preferred Stock and the denominator was not adjusted to include the 6,089,333 Common Shares issuable on an if-converted basis as at March 30, 2024 and April 1, 2023.