Earnings Per Share (Tables)

3 Months Ended

Mar. 27, 2022

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

The calculations of basic and diluted earnings per common share are as follows:


	Three Months Ended
	March 27,		March 28,
	2022		2021
Basic earnings per common share (in thousands, except per share data)
Net income attributable to the Company	$	10,494	$	33,883
Dividends paid to participating securities		(60)		(3,527)
Net income attributable to participating securities		—		(3,243)
Net income attributable to common shareholders	$	10,434	$	27,113

Basic weighted average common shares outstanding		35,927		32,756
Basic earnings per common share	$	0.29	$	0.83

Diluted earnings per common share (in thousands, except per share data)
Net income attributable to common shareholders	$	10,434	$	27,113

Weighted average common shares outstanding		35,927		32,756
Dilutive effect of outstanding equity awards (a)		309		334
Diluted weighted average common shares outstanding (b)		36,236		33,090
Diluted earnings per common share	$	0.29	$	0.82

(a)	Excludes 21,000 and 18,000 equity awards for the three months ended March 27, 2022 and March 28, 2021, respectively, as the effect of including such awards would have been anti-dilutive.

(b)

The Company had 252,500 shares of Series B Preferred Stock outstanding at March 28, 2021 (none at March 27, 2022). 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 March 28, 2021. This calculation was anti-dilutive and as such was excluded.