Note 15 - Earnings Per Common Share

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

15    EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

(Thousands of Dollars and Shares, Except Per Common Share Data)	2021			2020			2019
Income (loss) attributable to Lee Enterprises, Incorporated:		22,785			(3,106	)		14,268
Weighted average Common Stock		5,873			5,811			5,765
Less non-vested restricted Common Stock		(156	)		(154	)		(208	)
Basic average Common Stock		5,717			5,657			5,557
Dilutive stock options and restricted Common Stock		109			37			131
Diluted average Common Stock		5,826			5,694			5,688
Earnings per common share:
Basic:		3.99			(0.55	)		2.57
Diluted		3.91			(0.55	)		2.51

For 2021 and 2019 we had 600,000 and 638,400 weighted average shares, respectively, not considered in the computation of diluted earnings per share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock. For 2020 we had 600,000 weighted average shares not considered in the computation of diluted earnings per share because the Company recorded net losses. 

Prior period results have been adjusted to reflect the Reverse Stock Split.