EARNINGS PER SHARE

9 Months Ended

Oct. 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 and diluted earnings per share:


	Three months ended				Nine months ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Net income attributable to Summit Inc.	$	74,204	$	90,730	$	108,346	$	102,815

Weighted average shares of Class A stock outstanding	118,272,955		114,116,564		117,040,207		113,943,292
Add: Nonvested restricted stock awards of retirement eligible shares	200,575		320,343		218,224		145,155
Weighted average basic shares outstanding	118,473,530		114,436,907		117,258,431		114,088,447
Basic earnings per share	$	0.63	$	0.79	$	0.92	$	0.90

Diluted net income attributable to Summit Inc.	$	74,204	$	90,730	$	108,346	$	102,815

Weighted average shares of Class A stock outstanding	118,272,955		114,116,564		117,040,207		113,943,292

Add: stock options	125,164		—		310,990		—
Add: warrants	14,405		—		17,573		—
Add: restricted stock units	680,980		263,886		812,702		450,353
Add: performance stock units	198,142		91,721		179,143		63,631
Weighted average dilutive shares outstanding	119,291,646		114,472,171		118,360,615		114,457,276
Diluted earnings per share	$	0.62	$	0.79	$	0.92	$	0.90

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


	Three months ended		Nine months ended
	October 2, 2021	September 26, 2020	October 2, 2021	September 26, 2020
Antidilutive shares:
LP Units	1,594,272	3,053,115	2,031,090	3,086,819
Time-vesting stock options	—	2,095,929	—	2,095,929
Warrants	—	100,037	—	100,037
Time-vesting restricted stock units	—	—	—	—
Market-based restricted stock units	—	—	—	—