Earnings Per Share

12 Months Ended

Dec. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

12. EARNINGS PER SHARE

Basic EPS is calculated using the weighted-average number of shares of common stock outstanding during the years ended December 30, 2020, December 25, 2019, and December 26, 2018. Diluted EPS is calculated using the weighted-average number of shares of common stock outstanding and potentially dilutive during the period, using the treasury stock method.

On August 2, 2018, the Company announced that the Board of Directors had authorized a stock repurchase program. The Company entered into a stock repurchase plan on August 28, 2018 (the “2018 Stock Repurchase Plan”), which allowed for the repurchase of up to $20.0 million of the Company’s common stock. The 2018 Stock Repurchase Plan commenced on November 6, 2018 and terminated on June 26, 2019.

On April 30, 2019, as part of the Company’s focus on stockholder returns, the Board of Directors approved a new stock repurchase program. The Company entered into a stock repurchase plan on May 17, 2019 (the “2019 Stock Repurchase Plan”), which allowed for the repurchase of up to $30.0 million of the Company’s common stock. The 2019 Stock Repurchase Plan commenced on June 27, 2019, and was exhausted on September 26, 2019.

Under the 2019 Stock Repurchase Plan, the Company was permitted to repurchase its common stock from time to time, in amounts and at prices that the Company deemed appropriate, subject to market conditions and other considerations. The Company’s repurchases were executed using open market purchases, including pursuant to Rule 10b5-1 trading plans, and/or through privately negotiated transactions.

For the year ended December 25, 2019, the Company repurchased 1,558,836 and 2,836,768 shares of common stock under the 2018 Stock Repurchase Plan and the 2019 Stock Repurchase Plan, respectively, executed using open market purchases, for total consideration of approximately $18.4 million and $30.0 million, respectively. The common stock repurchased under both the 2018 Stock Repurchase Plan and the 2019 Stock Repurchase Plan was retired upon repurchase. For the year ended December 26, 2018, the Company repurchased 66,409 shares of common stock under the 2018 Stock Repurchase Plan for total considerations of approximately $1.0 million.

Below are basic and diluted EPS data for the periods indicated, which are in thousands except for per share data.

	For the Years Ended
	December 30,		December 25,		December 26,
	2020		2018		2018
Numerator:
Net income (loss)	$	24,474	$	24,900	$	(8,994)
Denominator:
Weighted-average shares outstanding—basic		35,193,325		36,739,209		38,574,553
Weighted-average shares outstanding—diluted		35,796,406		37,441,503		38,574,553
Net income (loss) per share—basic	$	0.70	$	0.68	$	(0.23)
Net income (loss) per share—diluted	$	0.68	$	0.67	$	(0.23)
Anti-dilutive securities not considered in diluted EPS calculation		81,041		526,295		2,593,104

Below is a reconciliation of basic and diluted share counts.

	For the Years Ended
	December 30,	December 25,	December 26,
	2020	2019	2018
Weighted-average shares outstanding—basic	35,193,325	36,739,209	38,574,553
Dilutive effect of stock options and restricted shares	603,081	702,294	—
Weighted-average shares outstanding—diluted	35,796,406	37,441,503	38,574,553