Net Earnings Per Share

12 Months Ended

Dec. 30, 2017

Net Earnings Per Share

Net Earnings Per Share

(10) 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 income per share:  

	2017		2016		2015
Net income attributable to Summit Inc.	$	121,830	$	36,783	$	27,718
Weighted average shares of Class A stock outstanding		108,696,438		70,355,042		40,888,437
Basic income per share	$	1.12	$	0.52	$	0.68
Net income attributable to Summit Inc.	$	121,830	$	36,783	$	27,718
Add: Noncontrolling interest impact of LP Unit conversion		—		—		17,803
Diluted net income attributable to Summit Inc.		121,830		36,783		45,521
Weighted average shares of Class A stock outstanding		108,696,438		70,355,042		40,888,437
Add: weighted average of LP Units		—		—		50,059,648
Add: stock options		308,355		140,142		—
Add: warrants		42,035		16,123		37,714
Add: restricted stock units		308,221		240,633		7,523
Add: performance stock units		135,849		86,568
Weighted average dilutive shares outstanding		109,490,898		70,838,508		90,993,322
Diluted earnings per share	$	1.11	$	0.52	$	0.50

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

	2017		2016		2015
Antidilutive shares:
LP Units		4,371,705		32,327,907		—
Time-vesting stock options		—		—		2,265,584
Warrants		—		—		—
Time-vesting restricted stock units		—		—		—
Market-based restricted stock units		—		—