10. Earnings Per Share

Basic and diluted earnings per share were calculated as follows (shares in thousands):

			Quarter ended
			March 28, 2020			March 30, 2019
Basic Earnings Per Share
Numerator for basic earnings per share
	Earnings attributable to SunOpta Inc.		$	3,361		$	25,649
	Less: dividends and accretion on Series A Preferred Stock			(2,025	)		(1,995	)
	Earnings attributable to common shareholders		$	1,336		$	23,654

Denominator for basic earnings per share
	Basic weighted-average number of shares outstanding			88,161			87,475

Basic earnings per share			$	0.02		$	0.27

Diluted Earnings Per Share
Numerator for diluted earnings per share
	Earnings attributable to SunOpta Inc.		$	3,361		$	25,649
	Less: dividends and accretion on Series A Preferred Stock⁽¹⁾			(2,025	)		—
	Earnings attributable to common shareholders		$	1,336		$	25,649

Denominator for diluted earnings per share
	Basic weighted-average number of shares outstanding			88,161			87,475
	Dilutive effect of the following:
		Stock options and restricted stock units⁽¹⁾		1,136			191
		Series A Preferred Stock⁽²⁾		—			11,333
	Diluted weighted-average number of shares outstanding			89,297			98,999

Diluted earnings per share			$	0.01		$	0.26

(1) For the quarter ended March 28, 2020, stock options to purchase 3,458,424 (March 30, 2019 - 2,566,321) Common Shares, respectively, were anti-dilutive because the exercise prices of these options were greater than the average market price.

(2) For the quarter ended March 28, 2020, it was more dilutive to assume the Series A Preferred Stock was not converted into Common Shares and, therefore, the numerator of the diluted earnings per share calculation was not adjusted to add back the dividends and accretion on the Series A Preferred Stock and the denominator was not adjusted to include 11,333,333 Common Shares issuable on an if-converted basis as at March 28, 2020. For the quarter ended March 30, 2019, it was more dilutive to assume the Series A Preferred Stock was converted into Common Shares and, therefore, the numerator of the diluted earnings per share calculation was adjusted to add back the dividends and accretion on the Series A Preferred Stock and the denominator was adjusted to include 11,333,333 Common Shares issuable on an if-converted basis as at March 30, 2019.