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Note 9 - Earnings Per Common Share
 9 Months Ended
Jun. 27, 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

  

39 Weeks Ended

 
  

June 27,

  

June 28,

  

June 27,

  

June 28,

 

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

 

2021

  

2020

  

2021

  

2020

 
                 

Income (loss) attributable to Lee Enterprises, Incorporated:

  3,227   (1,275)  17,995   (1,320)

Weighted average common shares

  5,881   5,820   5,867   5,823 

Less weighted average restricted Common Stock

  (156)  (156)  (155)  (153)

Basic average common shares

  5,725   5,664   5,712   5,670 

Dilutive stock options and restricted Common Stock

  123   —   102   — 

Diluted average common shares

  5,848   5,664   5,814   5,670 

Earnings per common share:

                

Basic

  0.56   (0.23)  3.15   (0.23)

Diluted

  0.55   (0.23)  3.10   (0.23)

 

For the 13 and 39 weeks ended June 27, 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 39 weeks ended June 28, 2020, 813,497 and 737,200 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.