EARNINGS PER SHARE

3 Months Ended

Apr. 02, 2022

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
		April 2, 2022		April 3, 2021
Net loss attributable to Summit Inc.		$	(34,292)	$	(22,517)

Weighted average shares of Class A stock outstanding		118,777,341		115,411,204
Add: Nonvested restricted stock awards of retirement eligible shares		160,125		253,521
Weighted average shares outstanding		118,937,466		115,664,725
Basic loss per share		$	(0.29)	$	(0.19)

Diluted net loss attributable to Summit Inc.		$	(34,292)	$	(22,517)

Weighted average shares outstanding		118,937,466		115,411,204
Add: weighted average of LP Units		—		—
Add: stock options		—		—
Add: warrants		—		—
Add: restricted stock units		—		—
Add: performance stock units		—		—
Weighted average dilutive shares outstanding		118,937,466		115,411,204
Diluted loss per share		$	(0.29)	$	(0.20)

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


	Three months ended
		April 2, 2022	April 3, 2021
Antidilutive shares:
LP Units		1,314,006	2,613,209
Time-vesting stock options		290,944	1,175,135
Warrants		31,519	43,166
Time-vesting restricted stock units		1,379,251	1,894,877
Market-based restricted stock units		416,096	410,357