Earnings Per Share

9 Months Ended

Oct. 09, 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 40- week periods ended October 3, 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						40 Weeks Ended
(In thousands, except per share amounts)	October 9, 2021			October 3, 2020			October 9, 2021			October 3, 2020
Numerator:
Net earnings	$	15,176		$	19,952		$	51,506		$	63,821
Adjustment for earnings attributable to participating securities		(264	)		(494	)		(999	)		(1,577	)
Net earnings used in calculating earnings per share	$	14,912		$	19,458		$	50,507		$	62,244
Denominator:
Weighted average shares outstanding, including participating securities		35,525			35,730			35,671			35,900
Adjustment for participating securities		(618	)		(884	)		(692	)		(887	)
Shares used in calculating basic earnings per share		34,907			34,846			34,979			35,013
Effect of dilutive restricted stock awards		94			1			54			—
Effect of dilutive stock warrant		197			—			146			—
Shares used in calculating diluted earnings per share		35,198			34,847			35,179			35,013
Basic earnings per share	$	0.43		$	0.56		$	1.44		$	1.78
Diluted earnings per share	$	0.42		$	0.56		$	1.44		$	1.78