Earnings (Loss) Per Share

9 Months Ended

Sep. 24, 2022

EARNINGS (LOSS) PER SHAREThe Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings (loss) per share. Accounting guidance requires additional disclosure of earnings (loss) per share for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented.

The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations:


	Three Months Ended				Nine Months Ended
	September 24, 2022		September 25, 2021		September 24, 2022		September 25, 2021
Basic earnings (loss) per share:
Income (Loss) from continuing operations	$	(8,372)	$	5,597	$	(15,734)	$	9,102
Less: Allocation of earnings to participating securities	—		(240)		—		(341)
Income (Loss) from continuing operations available to common shareholders - basic	$	(8,372)	$	5,357	$	(15,734)	$	8,761
Basic weighted-average shares outstanding (1)	15,226		15,123		15,196		15,109
Basic earnings income (loss) per share - continuing operations	$	(0.55)	$	0.35	$	(1.04)	$	0.58

Diluted earnings income (loss) per share:
Income (Loss) from continuing operations available to common shareholders - basic	$	(8,372)	$	5,357	$	(15,734)	$	8,761
Add: Undistributed earnings reallocated to unvested shareholders	—		2		—		2
Income (loss) from continuing operations available to common shareholders - basic	$	(8,372)	$	5,359	$	(15,734)	$	8,763
Basic weighted-average shares outstanding (1)	15,226		15,123		15,196		15,109
Effect of dilutive securities:
Stock options (2)	—		—		—		—
Directors' stock performance units (2)	—		130		—		130
Diluted weighted-average shares outstanding (1)(2)	15,226		15,253		15,196		15,239
Diluted earnings income (loss) per share - continuing operations	$	(0.55)	$	0.35	$	(1.04)	$	0.58

(1)Includes Common and Class B Common shares, excluding unvested participating securities of 944 thousand as of September 24, 2022 and 671 thousand as of September 25, 2021.

(2)Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. There were 130 and 177 aggregate shares excluded for the three months ended September 24, 2022 and September 25, 2021, respectively and 130 and 177 for the nine months ended September 24, 2022 and September 25, 2021, respectively.

Repurchases of Common Stock

On August 3, 2022, the Company's Board of Directors approved the repurchase of up to $3,000 of the Company's common stock. A portion of such purchases would be under a plan pursuant to Rule 10b-5-1 of the Securities and Exchange Act ("Plan"). As of September 24, 2022, the Company had repurchased 105,381 shares under the Plan at a cost of $134.