EARNINGS PER SHARE

3 Months Ended

Mar. 28, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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
	March 28, 2020			March 30, 2019
Net loss attributable to Summit Inc.	$	(44,979	)	$	(68,772	)
Weighted average shares of Class A stock outstanding	113,602,110			111,811,679
Basic and diluted loss per share	$	(0.40	)	$	(0.62	)

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

	Three months ended
	March 28, 2020	March 30, 2019
Antidilutive shares:
LP Units	3,154,228	3,418,018
Time-vesting stock options	2,109,465	3,192,674
Warrants	100,037	100,037
Time-vesting restricted stock units	1,666,365	1,589,396
Market-based restricted stock units	446,670	419,247