Loss Per Share

3 Months Ended

Apr. 01, 2022

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 8 – LOSS PER SHARE

The Atlas Business Combination was structured as a reverse capitalization by which the Company issued stock for the net assets of Atlas Intermediate accompanied by a recapitalization. Earnings per share is calculated for the Company only for periods after the Atlas Business Combination due to the reverse recapitalization.

(Loss) per share was calculated as follows (in thousands except share and per share amounts):

	Quarter Ended April 1, 2022			Quarter Ended April 2, 2021
Numerator:
Net (loss) post Atlas Business Combination	$	(4,418	)	$	(14,790	)
Provision for non-controlling interest		396			12,169
Redeemable preferred stock dividends		-			(5,899	)
Net (loss) attributable to Class A common shares - basic and diluted	$	(4,022	)	$	(8,520	)
Denominator:
Weighted average shares outstanding - basic and diluted		34,039,775			14,256,484
Net (loss) per Class A common share, basic and diluted	$	(0.12	)	$	(0.60	)

The Class B common shares are excluded as these shareholders do not share in the income of Atlas Technical Consultants, Inc. and represent a non-controlling interest in the results of Atlas Intermediate and its subsidiaries. The warrants and private placement warrants were exchanged for shares of Class A common stock in late 2020. Please refer Note 7 “Shareholders’ Equity” for further information.