Earnings Per Share

6 Months Ended

Jul. 15, 2023

Note 12 – 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. The dilutive impact of both the restricted stock awards and warrants are presented below, as applicable. The performance share units are not currently dilutive. 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 15, 2023			July 16, 2022			July 15, 2023			July 16, 2022
Numerator:
Net earnings	$	19,468		$	5,115		$	30,805		$	24,404
Adjustment for earnings attributable to participating securities		(140	)		(54	)		(254	)		(307	)
Net earnings used in calculating earnings per share	$	19,328		$	5,061		$	30,551		$	24,097
Denominator:
Weighted average shares outstanding, including participating securities		34,125			35,564			34,366			35,565
Adjustment for participating securities		(246	)		(373	)		(283	)		(448	)
Shares used in calculating basic earnings per share		33,879			35,191			34,083			35,117
Effect of dilutive stock warrant		468			789			650			735
Effect of dilutive restricted stock awards		48			175			100			170
Shares used in calculating diluted earnings per share		34,395			36,155			34,833			36,022
Basic earnings per share	$	0.57		$	0.14		$	0.90		$	0.69
Diluted earnings per share	$	0.56		$	0.14		$	0.88		$	0.67