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Note 9 - Earnings Per Common Share
 6 Months Ended
Mar. 28, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

9

EARNINGS PER COMMON SHARE

 

The following table sets forth the computation of basic and diluted earnings per common share as adjusted to give effect to the reverse stock split:

 

  

13 Weeks Ended

  

26 Weeks Ended

 
  

March 28,

  

March 29,

  

March 28,

  

March 29,

 

(Thousands of Dollars and Shares, Except Per Share Data)

 

2021

  

2020

  

2021

  

2020

 
                 

Income (loss) attributable to Lee Enterprises, Incorporated:

  (1,134)  (5,367)  14,768   (46)
Weighted average common shares  5,877   5,814   5,861   5,793 
Less weighted average restricted Common Stock  (156)  (157)  (155)  (152)

Basic average common shares

  5,721   5,657   5,706   5,641 
Dilutive stock options and restricted Common Stock  98   38   75   59 

Diluted average common shares

  5,819   5,695   5,781   5,700 

Earnings per common share:

                
Basic  (0.20)  (0.95)  2.59   (0.01)
Diluted  (0.19)  (0.94)  2.55   (0.01)

 

For the 13 and 26 weeks ended March 28, 2021, 600,000 shares were not considered in the computation of diluted earnings per common share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock. For the 13 and 26 weeks ended March 29, 2020, 695,430 and 639,397 shares, respectively, were not considered in the computation of diluted earnings per common share because the Company recorded net losses.

 

Prior period results have been adjusted to reflect the one-for-ten reverse stock split in March 2021. See Note 1 for details.