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Earnings Per Share | 6 Months Ended
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Jul. 02, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | (8) Earnings Per Share The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards. During periods of net loss, diluted loss per share is equal to basic loss per share because the antidilutive effect of potential common shares is disregarded. The following table sets forth the computation of basic and diluted earnings per common share:
|  | 13 Weeks Ended |  | 26 Weeks Ended
|  | July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
|  | (In thousands, except per share data)
Net (loss) income |  | $(282) |  | $8,934 |  | $(89) |  | $18,037
Weighted-average shares of common stock outstanding: |  |  |  |  |  |  |  |
Basic |  | 21,762 |  | 21,675 |  | 21,696 |  | 21,677
Dilutive effect of common stock equivalents arising from share option and nonvested share awards |  | — |  | 364 |  | — |  | 520
Diluted |  | 21,762 |  | 22,039 |  | 21,696 |  | 22,197
Basic (loss) earnings per share |  | $(0.01) |  | $0.41 |  | $(0.00) |  | $0.83
Diluted (loss) earnings per share |  | $(0.01) |  | $0.41 |  | $(0.00) |  | $0.81
Antidilutive share option awards excluded from diluted calculation |  | 20 |  | 14 |  | 20 |  | 12
Antidilutive nonvested share awards excluded from diluted calculation |  | 298 |  | 403 |  | 327 |  | —
The computation of diluted earnings per share for the 13 and 26 weeks ended July 2, 2023 excludes all potential share option awards since the Company reported a net loss, and the effect of their inclusion would have been antidilutive (i.e., including such share option awards would result in higher earnings per share). The computation of diluted earnings per share for the 13 and 26 weeks ended July 3, 2022 excludes certain share option awards that were outstanding and antidilutive since the exercise prices of these share option awards exceeded the average market price of the Company’s common shares. The computation of diluted earnings per share for the 13 and 26 weeks ended July 2, 2023 excludes all potential nonvested share awards since the Company reported a net loss and the effect of their inclusion would have been antidilutive. The computation of diluted earnings per share for the 13 weeks ended July 3, 2022 excludes certain nonvested share awards that were outstanding and antidilutive since the grant date fair values of these nonvested share awards exceeded the average market price of the Company’s common shares. No nonvested share awards were antidilutive for the 26 weeks ended July 3, 2022.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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