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Net Income (Loss) Per Share
 12 Months Ended
Jan. 01, 2017
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
Net Income (Loss) per Share
The Company applies the two-class method to calculate and present net income (loss) per share. The Company's non-vested share awards and Series A Convertible Preferred Stock issued to BKC contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing net income (loss) per share pursuant to the two-class method. Under the two-class method, net earnings are reduced by the amount of dividends declared (whether paid or unpaid) and the remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. As the Company incurred a net loss for the year ended December 28, 2014 and losses are not allocated to the participating securities under the two-class method, such method is not applicable for the aforementioned reporting period.
Basic net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net income (loss) per share reflects additional shares of common stock outstanding, where applicable, calculated using the treasury stock method or the two-class method.
The following table sets forth the calculation of basic and diluted net income (loss) per share:
 
Year ended
 
January 1, 2017
 
January 3, 2016
 
December 28, 2014
Basic net income (loss) per share:
 
 
 
 
 
Net income (loss)
$
45,472

 
$
4

 
$
(38,117
)
Less: Income attributable to non-vested shares
(616
)
 
—

 
—

Less: Income attributable to preferred stock
(9,461
)
 
(1
)
 
—

Net income available to common stockholders
$
35,395

 
$
3

 
$
(38,117
)
Weighted average common shares outstanding
35,178,329

 
34,958,847

 
30,885,275

Basic net income (loss) per share
$
1.01

 
$
0.00

 
$
(1.23
)
Diluted net income (loss) per share:
 
 
 
 
 
Net income (loss)
$
45,472

 
$
4

 
$
(38,117
)
Shares used in computed basic net income (loss) per share
35,178,329

 
34,958,847

 
30,885,275

Dilutive effect of preferred stock and non-vested shares
9,673,016

 
9,664,404

 
—

Shares used in computed diluted net income (loss) per share
44,851,345

 
44,623,251

 
30,885,275

Diluted net income (loss) per share (1)
$
1.01

 
$
0.00

 
$
(1.23
)
Shares excluded from diluted net income (loss) per share computation (2)
—

 
—

 
9,810,007


 
(1)
Diluted net income (loss) per share is equal to basic net income (loss) per share for the periods presented due to the allocation of earnings to participating securities under the two-class method of calculating basic net income (loss) per share causing basic net income (loss) per share to be lower than diluted net income (loss) per share calculated under the treasury-stock method.
(2)
Shares issuable upon conversion of preferred stock and non-vested shares were excluded from the computation of diluted net loss in periods of net loss because their effect would have been anti-dilutive.