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Note 13 - Earnings Per Share | 6 Months Ended
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Jul. 02, 2023
Notes to Financial Statements |
Earnings Per Share [Text Block] |
13. | EARNINGS PER SHARE
The following table sets forth the calculation of basic and diluted earnings per share:
|  | For the thirteen weeks ended |  |  | For the twenty-six weeks ended |
|  | July 2, 2023 |  |  | July 3, 2022 |  |  | July 2, 2023 |  |  | July 3, 2022 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 12,979 |  |  | $ | 40,563 |  |  | $ | 17,226 |  |  | $ | 57,421 |
Less: fair value adjustment for Warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,941 | )
Net income (loss) - diluted |  | $ | 12,979 |  |  | $ | 40,563 |  |  | $ | 17,226 |  |  | $ | 36,480 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic |  |  | 117,221,419 |  |  |  | 116,931,623 |  |  |  | 117,187,287 |  |  |  | 116,398,177 |
Dilutive effect of potential common shares from RSUs |  |  | 647,503 |  |  |  | 182,930 |  |  |  | 369,370 |  |  |  | 177,642 |
Dilutive effect of potential common shares from Warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 768,156 |
Weighted average common shares outstanding - diluted |  |  | 117,868,922 |  |  |  | 117,114,553 |  |  |  | 117,556,657 |  |  |  | 117,343,975 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.11 |  |  | $ | 0.35 |  |  | $ | 0.15 |  |  | $ | 0.49 |
Diluted |  | $ | 0.11 |  |  | $ | 0.35 |  |  | $ | 0.15 |  |  | $ | 0.31 |
The following outstanding shares of Common Stock equivalents were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. Warrants to purchase shares of Common Stock having an exercise price greater than the average share market price are excluded from the calculation of diluted earnings per share.
|  | For the thirteen weeks ended |  |  | For the twenty-six weeks ended |
|  | July 2, 2023 |  |  | July 3, 2022 |  |  | July 2, 2023 |  |  | July 3, 2022 |
Anti-dilutive shares excluded from calculation of diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  |  | 14,633,311 |  |  |  | 14,633,311 |  |  |  | 14,633,311 |  |  |  | — |
Stock options |  |  | 922,228 |  |  |  | 1,960,708 |  |  |  | 922,228 |  |  |  | 1,960,708 |
Restricted stock units |  |  | 1,224,507 |  |  |  | 220,051 |  |  |  | 1,224,507 |  |  |  | 220,051 |
Performance stock units |  |  | 2,469,412 |  |  |  | — |  |  |  | 2,469,412 |  |  |  | — |
Unvested Earn-out Shares |  |  | 1,093,750 |  |  |  | 1,093,750 |  |  |  | 1,093,750 |  |  |  | 1,093,750 |
Total anti-dilutive shares |  |  | 20,343,208 |  |  |  | 17,907,820 |  |  |  | 20,343,208 |  |  |  | 3,274,509 |

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