Common Stock and Earnings (Loss) Per Share

12 Months Ended

Dec. 28, 2024

Common Stock and Earnings (Loss) Per Share

COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Common & Preferred Stock

The Company's charter authorizes 80,000,000 shares of Common Stock with a $3 par value per share and 16,000,000 shares of Class B Common Stock with a $3 par value per share. Holders of Class B Common Stock have the right to twenty votes per share on matters that are submitted to Shareholders for approval and to dividends in an amount not greater than dividends declared and paid on Common Stock. Class B Common Stock is restricted as to transferability and may be converted into Common Stock on a one share for one share basis. The Company's charter also authorizes 200,000,000 shares of Class C Common Stock, $3 par value per share, and 16,000,000 shares of Preferred Stock. No shares of Class C Common Stock or Preferred Stock have been issued.

Repurchases of Common Stock

On May 1, 2024, the Company's Board of Directors approved the repurchase of up to $2,800 of the Company's Common Stock. The repurchases were made pursuant to that authorization, and under a plan restructured to mee the requirements of Rule 10b-5-1 of the Securities and Exchange Act ("Plan"). The Company repurchased 676,071 shares under the Plan at a cost of $549 in 2024. The Plan was terminated on August 22, 2024. In addition, during fiscal 2024, 56,817 shares were withheld from employees in lieu of cash payments for withholding taxes due for a total amount of $35 pursuant to the terms of the applicable incentive plans.

Earnings (Loss) Per Share

The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The Company calculates basic and diluted earnings per common share using the two-class method. The accounting guidance requires disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed.

Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented.

The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations:



	2024		2023
Basic earnings (loss) per share:
Loss from continuing operations	$	(12,210)	$	(1,952)
Less: Allocation of earnings to participating securities	—		—
Loss from continuing operations available to common shareholders - basic	$	(12,210)	$	(1,952)
Basic weighted-average shares outstanding (1)	14,639		14,783
Basic earnings (loss) per share - continuing operations	$	(0.83)	$	(0.13)

Diluted earnings (loss) per share:
Loss from continuing operations available to common shareholders - basic	$	(12,210)	$	(1,952)
Add: Undistributed earnings reallocated to unvested shareholders	—		—
Loss from continuing operations available to common shareholders - basic	$	(12,210)	$	(1,952)
Basic weighted-average shares outstanding (1)	14,639		14,783
Effect of dilutive securities:
Stock options (2)	—		—
Directors' stock performance units (2)	—		—
Diluted weighted-average shares outstanding (1)(2)	14,639		14,783
Diluted earnings (loss) per share - continuing operations	$	(0.83)	$	(0.13)

(1)Includes Common and Class B Common shares, excluding 880 and 706 unvested participating securities, in thousands, for 2024 and 2023, respectively.

(2)Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. Aggregate shares, in thousands, excluded were 474 in 2024 and 549 in 2023.