Earnings Per Share

12 Months Ended

Jan. 02, 2021

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:


	2020		2019		2018
Net income attributable to Summit Inc.	$	137,967	$	59,066	$	33,906

Weighted average shares of Class A stock outstanding
Add: Nonvested restricted stock awards of retirement eligible shares	212,443		—		—
Add: Weighted average shares of Class A stock outstanding	114,014,749		112,204,067		111,380,175
Weighted average basic shares outstanding	114,227,192		112,204,067		111,380,175
Basic earnings per share	$	1.21	$	0.53	$	0.30

Diluted net income attributable to Summit Inc.	$	137,967	$	59,066	$	33,906

Weighted average shares of Class A stock outstanding	114,014,749		112,204,067		111,380,175

Add: stock options	3,390		87,290		282,329
Add: warrants	—		4,206		25,049
Add: restricted stock units	520,871		342,620		459,280
Add: performance stock units	92,758		46,535		169,813
Weighted average dilutive shares outstanding	114,631,768		112,684,718		112,316,646
Diluted earnings per share	$	1.20	$	0.52	$	0.30

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


	2020	2019	2018
Antidilutive shares:
LP Units	3,060,248	3,372,706	3,512,669

Warrants	100,037	—	—