Net Income Per Common Share

3 Months Ended

Apr. 02, 2022

NOTE 7. NET INCOME PER COMMON SHARE

Basic earnings per share (“EPS”) available to PGT Innovations, Inc. common stockholders is computed using the two-class method by dividing net income attributable to common shareholders, after deducting the redemption adjustment related to the redeemable noncontrolling interest, by the average number of common shares outstanding during the period. Diluted EPS available to PGT Innovations, Inc. common stockholders is computed using the two-class method by dividing net income attributable to common shareholders, after deducting the redemption adjustment related to the redeemable noncontrolling interest, by the average number of common shares outstanding, including the dilutive effect of common stock equivalents computed using the treasury stock method and the average share price during the period.

There were no anti-dilutive securities excluded from the calculation of weighted average shares outstanding for the three-month periods ended April 2, 2022, or April 3, 2021.

The table below presents the calculation of EPS and a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS:


	Three Months Ended
	April 2,			April 3,
	2022			2021
	(in thousands, except per share amounts)
Net income	$	23,826		$	12,795
Less: Net income attributable to redeemable non-controlling interest		(657	)		(411	)
Net income attributable to the Company		23,169			12,384
Change in redemption value of redeemable non-controlling interest		(2,136	)		—
Net income attributable to common shareholders	$	21,033		$	12,384

Weighted-average common shares - Basic		59,831			59,286
Add: Dilutive shares from equity plans		388			608

Weighted-average common shares - Diluted		60,219			59,894

Net income per common share attributable to common shareholders:
Basic	$	0.35		$	0.21
Diluted	$	0.35		$	0.21