EARNINGS (LOSS) PER SHARE

6 Months Ended

Jul. 03, 2022

EARNINGS (LOSS) PER SHAREBasic earnings (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the periods. Diluted earnings (loss) 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 share-based awards outstanding during the periods.

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


(in thousands, except share data)	Thirteen weeks ended July 3, 2022		Thirteen weeks ended July 4, 2021
Basic earnings per share:
Numerator:
Net income attributable to controlling interest	$	3,179	$	17,579
Dividends and income related to participating stock-based compensation awards	(31)		(384)
Net income attributable to common stockholders	$	3,148	$	17,195
Denominator:
Weighted average Class A Common Stock shares, basic and diluted	80,171,174		76,500,488
Basic earnings per share	$	0.04	$	0.22
Diluted earnings per share:
Numerator:
Net income attributable to common stockholders	$	3,179	$	17,579
Dividends and income related to participating stock-based compensation awards	(31)		(384)
Net income attributable to common stockholders	$	3,148	$	17,195
Denominator:
Weighted average Class A Common Stock shares, basic	80,171,174		76,500,488
Dilutive securities included in diluted earnings per share calculation:
Warrants	1,237,761		3,870,564
RSUs	56,544		983,648
PSUs	45,457		142,541
Stock options	—		234,815
Total diluted weighted average shares	81,510,936		81,732,056
Diluted earnings per share	$	0.04	$	0.21
Class V Common Stock not subject to earnings per share calculation	59,349,000		60,349,000
Net loss attributable to noncontrolling interest	$	634	$	1,400


(in thousands, except share data)	Twenty-six weeks ended July 3, 2022		Twenty-six weeks ended July 4, 2021
Basic and diluted earnings per share:
Numerator:
Net loss attributable to controlling interest	$	(14,391)	$	(4,950)
Dividends related to participating stock-based compensation awards	(88)		(170)
Net loss attributable to common stockholders	$	(14,479)	$	(5,120)
Denominator:
Weighted average Class A Common Stock shares, basic	79,371,789		76,213,746
Basic and diluted earnings (loss) per share	$	(0.18)	$	(0.07)
Anti-dilutive securities excluded from diluted earnings per share calculation:
Warrants	1,591,764		3,955,978
RSUs	56,976		1,348,026
PSUs	42,507		142,541
Stock options	—		230,542
Total	1,691,247		5,677,087
Class V Common Stock not subject to earnings per share calculation	59,349,000		60,349,000
Net loss attributable to noncontrolling interest	$	(14,962)	$	(2,220)

The diluted earnings (loss) per share computation excludes the effect of certain RSUs, PSUs, and stock options granted to Directors and Management which convert to Class A Common Stock upon vesting, as their inclusion would have been anti-dilutive if the Company had positive earnings.

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. The PSUs, RSUs, and 2020 LTIP RSUs were participating securities in the periods because the holders of these stock-based compensation awards are entitled to participate in dividends declared on Class A Common Stock, if and when declared, on a one-to-one per-share basis. As such, earnings per share calculations were completed under the two-class method. As of July 3, 2022 and January 2, 2022, the Continuing Members held 59,349,000 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. The net loss attributable to the noncontrolling interest was $15.0 million and $2.2 million for twenty-six weeks ended July 3, 2022 and July 4, 2021, respectively.