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Note 12 - Earnings Per Common Share from Continuing Operations
 9 Months Ended
Dec. 28, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
1
2
.
Earnings
per Common
Share
From Continuing Operations
 
Earnings per share for the
three
and
nine
months ended
December 28, 2019
and
December 29, 2018
are as follows:
 
   
Q U A R T E R
    
Y E A R  T O  D A T E
  
(Thousands, except per share amounts)
  
Fiscal 2020
    
Fiscal 2019
    
Fiscal 2020
    
Fiscal 2019
  
Continuing Operations
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Basic
                                
                                 
Earnings (loss) from continuing operations
   $
24,428
     $
(20,040
 )   $
30,166
     $
(27,834
 )
Deduct preferred stock dividends paid
    
6
      
6
      
17
      
17
  
                                 
Undistributed earnings (loss) from continuing operations
    
24,422
      
(20,046
 )    
30,149
      
(27,851
 )
Earnings (loss) from continuing operations attributable to participating preferred
    
100
      
(79
 )    
122
      
(109
 )
                                 
Earnings (loss) from continuing operations attributable to common shareholders
   $
24,322
     $
(19,967
 )   $
30,027
     $
(27,742
 )
                                 
Weighted average common shares outstanding
    
9,176
      
9,625
      
9,307
      
9,694
  
                                 
Basic earnings (loss) per common share from continuing operations
   $
2.65
     $
(2.07
 )   $
3.23
     $
(2.86
 )
                                 
Diluted
                                
                                 
Earnings (loss) from continuing operations attributable to common shareholders
   $
24,322
     $
(19,967
 )   $
30,027
     $
(27,742
 )
Add dividends on convertible preferred stock
    
5
      
-
      
15
      
-
  
                                 
Earnings (loss) from continuing operations attributable to common stock on a diluted basis
   $
24,327
     $
(19,967
 )   $
30,042
     $
(27,742
 )
                                 
Weighted average common shares outstanding-basic
    
9,176
      
9,625
      
9,307
      
9,694
  
Additional shares issued related to the equity compensation plan
    
2
      
-
      
2
      
-
  
Additional shares to be issued under full conversion of preferred stock
    
67
      
-
      
67
      
-
  
                                 
Total shares for diluted
    
9,245
      
9,625
      
9,376
      
9,694
  
                                 
Diluted earnings (loss) per common share from continuing operations
   $
2.63
     $
(2.07
 )   $
3.20
     $
(2.86
 )
 
Note: For fiscal
2019
addbacks for equity compensation and additional shares that were anti-dilutive were excluded.
 
15
Table of Contents
 
SENECA FOODS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 28, 2019
 
Earnings per Common Share From Discontinued Operations
 
   
Q U A R T E R
    
Y E A R  T O  D A T E
  
(Thousands, except per share amounts)
  
Fiscal 2020
    
Fiscal 2019
    
Fiscal 2020
    
Fiscal 2019
  
Discontinued Operations
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Basic
                                
                                 
Earnings from discontinued operations
   $
955
     $
34,056
     $
955
     $
42,211
  
Deduct preferred stock dividends paid
    
6
      
6
      
17
      
17
  
                                 
Undistributed earnings from discontinued operations
    
949
      
34,050
      
938
      
42,194
  
Earnings from discontinued operations attributable to participating preferred
    
4
      
134
      
4
      
165
  
                                 
Earnings from discontinued operations attributable to common shareholders
   $
945
     $
33,916
     $
934
     $
42,029
  
                                 
Weighted average common shares outstanding
    
9,176
      
9,625
      
9,307
      
9,694
  
                                 
Basic earnings per common share from discontinued operations
   $
0.10
     $
3.52
     $
0.10
     $
4.34
  
                                 
Diluted
                                
                                 
Earnings from discontinued operations attributable to common shareholders
   $
945
     $
33,916
     $
934
     $
42,029
  
Add dividends on convertible preferred stock
    
5
      
5
      
15
      
15
  
                                 
Earnings from discontinued operations attributable to common stock on a diluted basis
   $
950
     $
33,921
     $
949
     $
42,044
  
                                 
Weighted average common shares outstanding-basic
    
9,176
      
9,625
      
9,307
      
9,694
  
Additional shares issued related to the equity compensation plan
    
2
      
2
      
2
      
2
  
Additional shares to be issued under full conversion of preferred stock
    
67
      
67
      
67
      
67
  
                                 
Total shares for diluted
    
9,245
      
9,694
      
9,376
      
9,763
  
                                 
Diluted earnings per common share from discontinued operations
   $
0.10
     $
3.50
     $
0.10
     $
4.31
  
 
Note: For fiscal
2019,
add backs for equity compensation and additional shares that were anti-dilutive were excluded.