Earnings Per Share

6 Months Ended

Jul. 13, 2024

Note 12 – Earnings Per Share

Outstanding nonvested restricted stock awards granted to retirement-eligible Associates contain nonforfeitable rights to 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. 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 248,685 and 200,091 for the 12- and 28- week periods ended July 13, 2024, 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						28 Weeks Ended
(In thousands, except per share amounts)	July 13, 2024			July 15, 2023			July 13, 2024			July 15, 2023
Numerator:
Net earnings	$	11,489		$	19,468		$	24,460		$	30,805
Adjustment for earnings attributable to participating securities		(62	)		(140	)		(145	)		(254	)
Net earnings used in calculating earnings per share	$	11,427		$	19,328		$	24,315		$	30,551
Denominator:
Weighted average shares outstanding, including participating securities		33,726			34,125			33,962			34,366
Adjustment for participating securities		(181	)		(246	)		(201	)		(283	)
Shares used in calculating basic earnings per share		33,545			33,879			33,761			34,083
Effect of dilutive stock warrant		196			468			296			650
Effect of dilutive stock-based employee compensation		36			48			71			100
Shares used in calculating diluted earnings per share		33,777			34,395			34,128			34,833
Basic earnings per share	$	0.34		$	0.57		$	0.72		$	0.90
Diluted earnings per share	$	0.34		$	0.56		$	0.71		$	0.88