Earnings Per Share

6 Months Ended

Jul. 17, 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. There were no stock warrants outstanding during the 12- and 28- week periods ended July 11, 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:

	12 Weeks Ended						28 Weeks Ended
(In thousands, except per share amounts)	July 17, 2021			July 11, 2020			July 17, 2021			July 11, 2020
Numerator:
Net earnings	$	16,814		$	28,467		$	36,330		$	43,869
Adjustment for earnings attributable to participating securities		(305	)		(670	)		(736	)		(1,070	)
Net earnings used in calculating earnings per share	$	16,509		$	27,797		$	35,594		$	42,799
Denominator:
Weighted average shares outstanding, including participating securities		35,693			35,706			35,734			35,972
Adjustment for participating securities		(648	)		(840	)		(724	)		(877	)
Shares used in calculating basic earnings per share		35,045			34,866			35,010			35,095
Effect of dilutive restricted stock awards		63			1			44			—
Effect of dilutive stock warrant		134			—			112			—
Shares used in calculating diluted earnings per share		35,242			34,867			35,166			35,095
Basic earnings per share	$	0.47		$	0.80		$	1.02		$	1.22
Diluted earnings per share	$	0.47		$	0.80		$	1.01		$	1.22