Earnings (Loss) Per Share

6 Months Ended

Jun. 27, 2020

11. Earnings (Loss) Per Share

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

				Quarter ended						Two quarters ended
				June 27, 2020			June 29, 2019			June 27, 2020			June 29, 2019
Basic Earnings (Loss) Per Share
Numerator for basic earnings (loss) per share
	Earnings (loss) attributable to SunOpta Inc.		$	1,007		$	(9,055	)	$	4,368		$	16,594
	Less: dividends and accretion on Series A Preferred Stock			(2,066	)		(2,001	)		(4,091	)		(3,996	)
	Less: dividends and accretion on Series B Preferred Stock			(538	)		—			(538	)		—
	Earnings (loss) attributable to common shareholders		$	(1,597	)	$	(11,056	)	$	(261	)	$	12,598

Denominator for basic earnings (loss) per share
	Basic weighted-average number of shares outstanding			89,089			87,683			88,625			87,579

Basic earnings (loss) per share			$	(0.02	)	$	(0.13	)	$	(0.00	)	$	0.14

Diluted Earnings Per Share
Numerator for diluted earnings (loss) per share
	Earnings (loss) attributable to SunOpta Inc.		$	1,007		$	(9,055	)	$	4,368		$	16,594
	Less: dividends and accretion on Series A Preferred Stock			(2,066	)		(2,001	)		(4,091	)		(3,996	)
	Less: dividends and accretion on Series B Preferred Stock			(538	)		—			(538	)		—
	Earnings (loss) attributable to common shareholders		$	(1,597	)	$	(11,056	)	$	(261	)	$	12,598

Denominator for diluted earnings (loss) per share
	Basic weighted-average number of shares outstanding			89,089			87,683			88,625			87,579
	Dilutive effect of the following:
		Stock options and restricted stock units⁽¹⁾		—			—			—			164
		Series B Preferred Stock⁽²⁾		—			—			—			—
		Series A Preferred Stock⁽³⁾		—			—			—			—
	Diluted weighted-average number of shares outstanding			89,089			87,683			88,625			87,743

Diluted earnings (loss) per share			$	(0.02	)	$	(0.13	)	$	(0.00	)	$	0.14

(1) For the quarter and two quarters ended June 27, 2020, stock options and restricted stock units to purchase or receive 753,645 and 876,593 Common Shares, respectively, were excluded from the calculation of diluted loss per share due to their anti-dilutive effect of reducing the loss per share, and for the quarter ended June 29, 2019, stock options and restricted stock units to purchase or receive 187,516 Common Shares were likewise excluded. In addition, for the quarter and two quarters ended June 27, 2020, stock options to purchase 2,629,179 (June 29, 2019 - 3,176,284) and 3,079,418 (June 29, 2019 - 3,176,284) Common Shares, respectively, were anti-dilutive because the exercise prices of these options were greater than the average market price.

(2) For the quarter and two quarters ended June 27, 2020, it was more dilutive to assume the Series B 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 B Preferred Stock and the denominator was not adjusted to include 12,000,000 Common Shares issuable on an if-converted basis as at June 27, 2020.

(3) For the quarters and two quarters ended June 27, 2020 and June 29, 2019, 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 12,385,714 and 11,333,333 Common Shares issuable on an if-converted basis as at June 27, 2020 and June 29, 2019, respectively.