EARNINGS PER SHARE

6 Months Ended

Jul. 04, 2021

Basic earnings per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the Successor period. Diluted earnings per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive stock-based awards outstanding during the Successor period.

Given the historical partnership equity structure of UBH, the Company determined that the calculation of earnings per membership unit results in values that are not a valuable metric to users of these consolidated financial statements. Therefore, EPS information is omitted for the Predecessor periods.

The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share:


	Successor
(in thousands, except share data)	Thirteen weeks ended July 4, 2021
Basic earnings per share:
Numerator:
Net income attributable to controlling interest	$	17,579
Dividends and income related to participating stock-based compensation awards	(384)
Net income attributable to common stockholders	$	17,195
Denominator:
Weighted average Class A Common Stock shares, basic and diluted	76,500,488
Basic earnings per share	$	0.22
Diluted earnings per share:
Numerator:
Net income attributable to common stockholders	$	17,579
Dividends and income related to participating stock-based compensation awards	(384)
Net income attributable to common stockholders	$	17,195
Denominator:
Weighted average Class A Common Stock shares, basic	76,500,488
Dilutive securities included in diluted earnings per share calculation:
Warrants	3,870,564
RSUs	983,648
PSUs	142,541
Stock options	234,815
Total diluted weighted average shares	81,732,056
Diluted earnings per share	$	0.21
Class V Common Stock not subject to earnings per share calculation	60,349,000
Net loss attributable to noncontrolling interest	$	1,400


	Successor
(in thousands, except share data)	Twenty-six weeks ended July 4, 2021
Basic and diluted earnings per share:
Numerator:
Net loss attributable to controlling interest	$	(4,950)
Dividends related to participating stock-based compensation awards	(170)
Net loss attributable to common stockholders	$	(5,120)
Denominator:
Weighted average Class A Common Stock shares, basic	76,213,746
Basic and diluted earnings per share	$	(0.07)
Anti-dilutive securities excluded from diluted earnings per share calculation:
Warrants	3,955,978
RSUs	1,348,026
PSUs	142,541
Stock options	230,542
Total weighted average anti-dilutive shares	5,677,087
Class V Common Stock not subject to earnings per share calculation	60,349,000
Net loss attributable to noncontrolling interest	$	2,220

The diluted earnings per share computation for the twenty-six weeks ended July 4, 2021 excludes the effect of certain RSUs granted to Directors and Management which convert to Class A Common Stock upon vesting 50% at December 31, 2022 and 50% at December 31, 2023, as their inclusion would have been anti-dilutive.

Shares of the Company’s Class V Common Stock do not participate in earnings or losses of the Company and, therefore, are not participating securities. Additionally, none of the stock-based compensation awards participated in earnings or losses of the Company for the twenty-six weeks ended July 4, 2021 (Successor). As such, basic and diluted earnings per share calculations under the two-class method were not required. At July 4, 2021, the Continuing Members held 60,349,000 shares of Class V Common Stock issued and outstanding and also held an equal number of common limited liability company units of UBH, which comprise the noncontrolling interest.