Earnings Per Share

3 Months Ended

Mar. 28, 2020

Earnings per Share

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 for the three months ended March 28, 2020 and March 30, 2019 exclude 637,186 and 594,326 non-vested restricted shares, respectively. During the three months ended March 28, 2020, there were 164,221 weighted average securities which are not included in the calculation of diluted weighted average shares outstanding because their impact is anti-dilutive. There were no potentially anti-dilutive securities during the three months ended March 30, 2019.

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:



	Three Months Ended
	March 28, 2020		March 30, 2019
Numerator:
Net income – basic and diluted	$	4,188	$	5,543

Denominator:
Basic weighted average shares outstanding	12,233,477		11,960,944
Effect of dilutive non-vested restricted shares and units	297,999		407,724
Effect of issuable shares related to acquisitions	62,312		94,339
Diluted weighted average shares outstanding	12,593,788		12,463,007