EARNINGS PER SHARE

9 Months Ended

Sep. 28, 2019

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings by the weighted average common shares outstanding and diluted net earnings is computed by dividing net earnings, adjusted for changes in the earnings allocated to Summit Inc. as a result of the assumed conversion of LP Units, by the weighted-average common shares outstanding assuming dilution.

The following table shows the calculation of basic and diluted earnings per share:



	Three months ended				Nine months ended
	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Net income attributable to Summit Inc.	$	55,757	$	71,289	$	23,395	$	53,069
Weighted average shares of Class A stock outstanding	112,179,137		111,641,344		112,020,275		111,288,211
Basic earnings per share	$	0.50	$	0.64	$	0.21	$	0.48

Diluted net income attributable to Summit Inc.	$	55,757	$	71,289	$	23,395	$	53,069

Weighted average shares of Class A stock outstanding	112,179,137		111,641,344		112,020,275		111,288,211
Add: stock options	2,788,221		204,085		216,165		574,739
Add: warrants	100,037		18,631		—		34,134
Add: restricted stock units	384,571		4,515		222,533		402,950
Add: performance stock units	53,156		71,492		38,637		172,690
Weighted average dilutive shares outstanding	115,505,122		111,940,067		112,497,610		112,472,724
Diluted earnings per share	$	0.48	$	0.64	$	0.21	$	0.47

Excluded from the above calculations were the shares noted below as they were antidilutive:



	Three months ended		Nine months ended
	September 28, 2019	September 29, 2018	September 28, 2019	September 29, 2018
Antidilutive shares:
LP Units	3,368,058	3,448,343	3,404,231	3,538,385
Warrants	—	—	100,037	—