Earnings Per Share

4 Months Ended

Apr. 24, 2021

Note 11 – Earnings Per Share

Outstanding nonvested restricted stock awards under the 2015 Stock Incentive Plan contain nonforfeitable rights to dividends or dividend equivalents, which participate in undistributed earnings with common stock. These awards are classified as participating securities and are included in the calculation of basic earnings per share. Awards under the 2020 Stock Incentive Plan do not contain nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. Weighted average restricted stock awards totaling 151,000 shares were not included in the EPS calculations because they were anti-dilutive for the 16-week period ended April 24, 2021. There were no anti-dilutive awards in the first quarter of 2020. There were no stock warrants outstanding during the period ended April 18, 2020. The dilutive impact of both the restricted stock awards and warrants are presented below, as applicable. The following table sets forth the computation of basic and diluted net earnings per share:

	16 Weeks Ended
(In thousands, except per share amounts)	April 24, 2021			April 18, 2020
Numerator:
Net earnings	$	19,516		$	15,402
Adjustment for earnings attributable to participating securities		(426	)		(385	)
Net earnings used in calculating earnings per share	$	19,090		$	15,017
Denominator:
Weighted average shares outstanding, including participating securities		35,765			36,172
Adjustment for participating securities		(781	)		(904	)
Shares used in calculating basic earnings per share		34,984			35,268
Effect of dilutive restricted stock awards		25			—
Effect of dilutive stock warrant		86			—
Shares used in calculating diluted earnings per share		35,095			35,268
Basic earnings per share	$	0.55		$	0.43
Diluted earnings per share	$	0.54		$	0.43