Earnings Per Share

4 Months Ended

Apr. 20, 2024

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. Except for retirement-eligible Associates, 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 the restricted stock awards, restricted stock units, 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 218,045 for the 16 week period ended April 20, 2024. The performance share units are not currently dilutive. 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 20, 2024			April 22, 2023
Numerator:
Net earnings	$	12,971		$	11,337
Adjustment for earnings attributable to participating securities		(82	)		(102	)
Net earnings used in calculating earnings per share	$	12,889		$	11,235
Denominator:
Weighted average shares outstanding, including participating securities		34,139			34,547
Adjustment for participating securities		(216	)		(310	)
Shares used in calculating basic earnings per share		33,923			34,237
Effect of dilutive stock warrant		364			761
Effect of dilutive stock-based employee compensation		89			149
Shares used in calculating diluted earnings per share		34,376			35,147
Basic earnings per share	$	0.38		$	0.33
Diluted earnings per share	$	0.37		$	0.32