Earnings (Loss) per Share (Tables)

12 Months Ended

Dec. 26, 2021

Earnings (Loss) per Share

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

The calculations of basic earnings (loss) per common share and diluted earnings (loss) per common share for the years ended December 26, 2021, December 27, 2020 and December 29, 2019 are as follows (in thousands, except per share data):

	2021		2020		2019
Basic earnings (loss) per common share
Net income attributable to the Company	$	120,016	$	57,932	$	4,866
Dividends on redemption of Series B Convertible Preferred Stock		(109,852)		—		—
Dividends paid to participating securities		(6,091)		(14,059)		(12,499)
Net income attributable to participating securities		—		(2,136)		—
Net income (loss) attributable to common shareholders	$	4,073	$	41,737	$	(7,633)
Basic weighted average common shares outstanding		35,007		32,421		31,632
Basic earnings (loss) per common share	$	0.12	$	1.29	$	(0.24)
Diluted earnings (loss) per common share
Net income (loss) attributable to common shareholders	$	4,073	$	41,737	$	(7,633)
Weighted average common shares outstanding		35,007		32,421		31,632
Dilutive effect of outstanding equity awards (a)		330		296		—
Diluted weighted average common shares outstanding (b)		35,337		32,717		31,632
Diluted earnings (loss) per common share	$	0.12	$	1.28	$	(0.24)

(a) Shares subject to options to purchase common stock with an exercise price greater than the average market price for the year were not included in the computation of diluted earnings per common share because the effect would have been antidilutive. The weighted average number of shares subject to antidilutive options was 100 in 2020 (none in 2021 or 2019, respectively).

(b) The Company had 252.5 shares of Series B Preferred Stock outstanding as of December 27, 2020 and December 29, 2019, respectively (none as of December 26, 2021).  For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income (loss) 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.  This calculation was anti-dilutive for both periods presented and as such was excluded.