XML 28 R17.htm IDEA: XBRL DOCUMENT v3.22.2.2
Earnings per share
 9 Months Ended
Sep. 24, 2022
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
The Company calculates basic and diluted earnings per share using the two-class method. The following table sets forth the computation of basic and diluted earnings per share attributable to common shareholders:
Three months endedNine months ended
(in thousands, except per share amounts)
September 24, 2022September 25, 2021September 24, 2022September 25, 2021
Basic earnings per share:
Net income attributable to Driven Brands Holdings Inc.$38,391 33,124 15,790 48,389 
Less: Net income attributable to participating securities, basic809 709 335 1,057 
Net income after participating securities, basic37,583 32,415 15,455 47,332 
Weighted-average common shares outstanding162,760 162,635 162,768 160,030 
Basic earnings per share$0.23 $0.20 $0.10 $0.30 
Three months endedNine months ended
(in thousands, except per share amounts)
September 24, 2022September 25, 2021September 24, 2022September 25, 2021
Diluted earnings per share:
Net income attributable to Driven Brands Holdings Inc.$38,391 $33,124 15,790 48,389 
Less: Net income attributable to participating securities, diluted 721 632 299 942 
Net income after participating securities, diluted$37,670 $32,492 15,491 47,447 
Weighted-average common shares outstanding162,760 162,635 162,768 160,030 
Dilutive effect of share-based awards4,071 3,995 3,895 3,938 
Weighted-average common shares outstanding, as adjusted166,831 166,630 166,663 163,968 
Diluted earnings per share$0.23 $0.19 $0.09 $0.29 

Basic earnings per share is computed by dividing the net income attributable to Driven Brands Holdings Inc. by the weighted-average number of common shares outstanding for the period. In addition, the Company’s participating securities are related to certain restricted stock awards issued to Section 16 officers which include non-forfeitable dividend rights.

The Company has 4,687,354 shares of performance awards that are contingent on performance conditions which have not yet been met, and therefore have been excluded from the computation of weighted average shares for the three and nine months ended September 24, 2022.

The following securities were not included in the computation of diluted shares outstanding because the effect would be antidilutive:
Three months endedNine months ended
Number of securities (in thousands)
September 24, 2022September 25, 2021September 24, 2022September 25, 2021
Restricted stock units28 — 28 2 
Performance stock units
Stock/IPO options2,000 — 2,000 36 
Employee stock purchase plan
Total2,028 — 2,028 38