Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 26, 2021

Earnings (Loss) Per Share

Schedule of Earnings (Loss) Per Share, Basic and Diluted

The calculations of basic and diluted earnings (loss) per common share are as follows (in thousands, except per-share data):

	Three Months Ended				Nine Months Ended
	September 26,		September 27,		September 26,		September 27,
	2021		2020		2021		2020
Basic earnings (loss) per common share
Net income attributable to the Company	$	29,256	$	15,708	$	95,393	$	44,765
Dividends on redemption of Series B Convertible Preferred Stock		—		—		(109,852)		—
Dividends paid to participating securities		(137)		(3,548)		(5,964)		(10,546)
Net income attributable to participating securities		(158)		(703)		—		(1,809)
Net income (loss) attributable to common shareholders	$	28,961	$	11,457	$	(20,423)	$	32,410
Basic weighted average common shares outstanding		36,387		32,616		34,619		32,347
Basic earnings (loss) per common share	$	0.80	$	0.35	$	(0.59)	$	1.00
Diluted earnings (loss) per common share
Net income (loss) attributable to common shareholders	$	28,961	$	11,457	$	(20,423)	$	32,410
Weighted average common shares outstanding		36,387		32,616		34,619		32,347
Dilutive effect of outstanding equity awards (a)		332		355		—		296
Diluted weighted average common shares outstanding (b)		36,719		32,971		34,619		32,643
Diluted earnings (loss) per common share	$	0.79	$	0.35	$	(0.59)	$	0.99

(a) Excludes 132 equity awards for the nine months ended September 27, 2020, as the effect of including such awards would have been anti-dilutive.

(b) The Company had 252.5 shares of Series B Preferred Stock outstanding at September 27, 2020 (none at September 26, 2021). For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common shareholders.  The Company then applied the if-converted method to calculate dilution on the Series B Preferred Stock, which resulted in 5.0 million additional common shares for September 27, 2020.  This calculation was anti-dilutive for the September 27, 2020 period and as such was excluded.