Computation of Earnings Per Share

9 Months Ended

Oct. 01, 2021

Earnings Per Share Reconciliation [Abstract]

COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each period. The computation of diluted earnings per share reflects the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan, shares issuable on redemption of its convertible notes and shares issuable upon redemption of outstanding warrants.


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands, except per share amounts
Earnings (loss) from continuing operations	$	14,667	$	(38,507)	$	34,507	$	(39,014)
Total earnings from discontinued operations	—		—		—		692
Net earnings (loss)	$	14,667	$	(38,507)	$	34,507	$	(38,322)

Basic:
Weighted average number of shares outstanding	27,882		27,687		27,855		27,718

Earnings (loss) per share from continuing operations	$	0.53	$	(1.39)	$	1.24	$	(1.41)
Earnings per share from discontinued operations	0.00		0.00		0.00		0.03
Basic earnings per share	$	0.53	$	(1.39)	$	1.24	$	(1.38)

Diluted:
Weighted average number of shares outstanding	27,882		27,687		27,855		27,718
Weighted average shares issuable on exercise of dilutive stock options	6		—		34		—
Total	27,888		27,687		27,889		27,718

Earnings (loss) per share from continuing operations	$	0.53	$	(1.39)	$	1.24	$	(1.41)
Earnings per share from discontinued operations	0.00		0.00		0.00		0.03
Diluted earnings per share	$	0.53	$	(1.39)	$	1.24	$	(1.38)

Equity awards

For the three-month and nine-month fiscal periods ended October 1, 2021, respectively, 650,554 and 524,617 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the periods. For the three-month and nine-month fiscal periods ended October 2, 2020, respectively, 610,253 and 608,804 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the periods.

All outstanding stock awards were excluded in the computation of diluted earnings per share in the three-month and nine-month fiscal periods ended October 2, 2020 because their effect was antidilutive due to the loss from continuing operations. For the three-month and nine-month fiscal periods ended October 2, 2020, respectively, an additional 15,574 and 34,288 shares issuable under equity awards, which would have been dilutive if exercised based on the average market price being higher than the exercise price, were excluded from the computation of diluted earnings per share as their effect was antidilutive due to the loss from continuing operations.

15. COMPUTATION OF EARNINGS PER SHARE (CONTINUED)

2024 Convertible Notes

For the three-month and nine-month fiscal periods ended October 1, 2021 and October 2, 2020, shares issuable under the Convertible Notes due 2024 were excluded from the diluted earnings per share calculation because the conversion price was more than the average market price of the Company's stock during the periods.