| 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. |
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