Earnings per Share (Tables)

12 Months Ended

Dec. 25, 2022

Schedule of basic and diluted earnings per common share

The calculations of basic earnings per common share and diluted earnings per common share for the years ended December 25, 2022, December 26, 2021 and December 27, 2020 are as follows (in thousands, except per share data):


	2022		2021		2020
Basic earnings per common share
Net income attributable to the Company	$	67,772	$	120,016	$	57,932
Dividends on redemption of Series B Convertible Preferred Stock	—		(109,852)		—
Dividends paid to participating securities	(306)		(6,091)		(14,059)
Net income attributable to participating securities	(104)		—		(2,136)
Net income attributable to common shareholders	$	67,362	$	4,073	$	41,737

Basic weighted average common shares outstanding	35,497		35,007		32,421
Basic earnings per common share	$	1.90	$	0.12	$	1.29

Diluted earnings per common share
Net income attributable to common shareholders	$	67,362	$	4,073	$	41,737

Weighted average common shares outstanding	35,497		35,007		32,421
Dilutive effect of outstanding equity awards (a)	220		330		296
Diluted weighted average common shares outstanding (b)	35,717		35,337		32,717
Diluted earnings per common share	$	1.89	$	0.12	$	1.28

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(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 100,000 in 2020 (none in 2022 or 2021).

(b)The Company had 252,500 shares of Series B Preferred Stock outstanding as of December 27, 2020 (none as of December 25, 2022 or December 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. This calculation was anti-dilutive in 2020 and as such was excluded.