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Earnings Per Share
 9 Months Ended
Oct. 07, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

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. Weighted average restricted stock awards that were not included in the EPS calculations because they were anti-dilutive were 288,041 and 18,340 for the 12- and 40- week periods ended October 7, 2023, respectively. 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

 

 

40 Weeks Ended

 

(In thousands, except per share amounts)

October 7, 2023

 

 

October 8, 2022

 

 

October 7, 2023

 

 

October 8, 2022

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

$

 

11,127

 

 

$

 

9,464

 

 

$

 

41,932

 

 

$

 

33,868

 

Adjustment for earnings attributable to participating securities

 

 

(81

)

 

 

 

(100

)

 

 

 

(333

)

 

 

 

(406

)

Net earnings used in calculating earnings per share

$

 

11,046

 

 

$

 

9,364

 

 

$

 

41,599

 

 

$

 

33,462

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, including participating securities

 

 

34,020

 

 

 

 

35,160

 

 

 

 

34,262

 

 

 

 

35,444

 

Adjustment for participating securities

 

 

(247

)

 

 

 

(370

)

 

 

 

(272

)

 

 

 

(425

)

Shares used in calculating basic earnings per share

 

 

33,773

 

 

 

 

34,790

 

 

 

 

33,990

 

 

 

 

35,019

 

Effect of dilutive stock warrant

 

 

432

 

 

 

 

792

 

 

 

 

614

 

 

 

 

784

 

Effect of dilutive restricted stock awards

 

 

72

 

 

 

 

193

 

 

 

 

91

 

 

 

 

170

 

Shares used in calculating diluted earnings per share

 

 

34,277

 

 

 

 

35,775

 

 

 

 

34,695

 

 

 

 

35,973

 

Basic earnings per share

$

 

0.33

 

 

$

 

0.27

 

 

$

 

1.22

 

 

$

 

0.96

 

Diluted earnings per share

$

 

0.32

 

 

$

 

0.26

 

 

$

 

1.20

 

 

$

 

0.93