Earnings per Share

12 Months Ended

Dec. 28, 2019

Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The effect of potentially dilutive securities is not considered during periods of loss or if the effect is anti-dilutive.

The weighted average number of shares outstanding in calculating basic earnings per share during fiscal years 2019, 2018 and 2017 exclude 642,677, 614,911 and 570,171 non-vested restricted shares, respectively. There were no potentially anti-dilutive securities during fiscal years 2019, 2018 and 2017.

The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share during fiscal years 2019, 2018 and 2017:



	Years Ended
	December 28, 2019		December 29, 2018		December 30, 2017
Numerator:
Net income – basic and diluted	$	23,756	$	26,856	$	24,006

Denominator:
Basic weighted average shares outstanding	12,116,185		10,991,124		10,178,901
Effect of dilutive non-vested restricted shares and units	319,674		401,726		326,319
Effect of issuable shares related to acquisitions	77,175		87,713		157,965
Effect of warrants	—		25,903		114,621
Diluted weighted average shares outstanding	12,513,034		11,506,466		10,777,806