Earnings Per Share

3 Months Ended

Apr. 01, 2023

Earnings (Loss) Per Share [Abstract]

Earnings Per Share [Text Block]

10. Earnings Per Share

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

		Quarter ended
		April 1, 2023			April 2, 2022
Basic Earnings Per Share
Numerator for basic earnings per share:
Earnings from continuing operations	$	1,377		$	1,002
Less: dividends and accretion on preferred stock		(704	)		(755	)
Earnings from continuing operations attributable to common shareholders		673			247
Earnings from discontinued operations		-			3,566
Earnings attributable to common shareholders	$	673		$	3,813
Denominator for basic earnings per share:
Basic weighted-average number of shares outstanding		110,014			107,399
Basic earnings per share:
Earnings from continuing operations	$	0.01		$	0.00
Earnings from discontinued operations		-			0.03
Earnings attributable to common shareholders(1)	$	0.01		$	0.04

		Quarter Ended
		April 1, 2023			April 2, 2022
Diluted Earnings Per Share
Numerator for diluted earnings per share:
Earnings from continuing operations	$	1,377		$	1,002
Less: dividends and accretion on preferred stock		(704	)		(755	)
Earnings from continuing operations attributable to common shareholders		673			247
Earnings from discontinued operations		-			3,566
Earnings attributable to common shareholders	$	673		$	3,813
Denominator for diluted earnings per share:
Basic weighted-average number of shares outstanding		110,014			107,399
Dilutive effect of the following:
Stock options, restricted stock units and performance share units(2)		3,093			960
Series B-1 Preferred Stock(3)		-			-
Diluted weighted-average number of shares outstanding		113,107			108,359
Diluted earnings per share:
Earnings from continuing operations	$	0.01		$	0.00
Earnings from discontinued operations		-			0.03
Earnings attributable to common shareholders(1)	$	0.01		$	0.04

(1) The sum of the individual per share amounts may not add due to rounding.

(2) For the quarter ended April 1, 2023, stock options and RSUs to purchase or receive 2,243,349 (April 2, 2022 - 1,122,466) potential common shares were anti-dilutive because the assumed proceeds exceeded the average market price of the Common Shares for the respective periods.

(3) For the quarter ended April 1, 2023 and April 2, 2022, it was more dilutive to assume the Series B-1 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-1 Preferred Stock and the denominator was not adjusted to include the 6,089,333 and 12,178,667 Common Shares issuable on an if-converted basis as at April 1, 2023 and April 2, 2022, respectively.