XML 36 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Net Income (Loss) Per Share (Notes)
 6 Months Ended
Jul. 02, 2017
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
Net Income per Share
The Company applies the two-class method to calculate and present net income 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 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.
Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted net income 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 per share:
 
Three Months Ended
 
Six Months Ended
 
July 2, 2017
 
July 3, 2016
 
July 2, 2017
 
July 3, 2016
Basic net income (loss) per share:
 
 
 
 
 
 
 
Net income
$
6,039

 
$
9,376

 
$
443

 
$
11,521

Less: Income attributable to non-vested shares
(104
)
 
(148
)
 
(8
)
 
(180
)
Less: Income attributable to preferred stock
(1,246
)
 
(1,951
)
 
(91
)
 
(2,398
)
Net income available to common stockholders
$
4,689

 
$
7,277

 
$
344

 
$
8,943

Weighted average common shares outstanding
35,415,416

 
35,117,463

 
35,399,820

 
35,109,610

Basic net income per share
$
0.13

 
$
0.21

 
$
0.01

 
$
0.25

Diluted net income per share:
 
 
 
 
 
 
 
Net income
$
6,039

 
$
9,376

 
$
443

 
$
11,521

Shares used in computing basic net income per share
35,415,416

 
35,117,463

 
35,399,820

 
35,109,610

Dilutive effect of preferred stock and non-vested shares
9,526,403

 
9,701,065

 
9,580,756

 
9,740,097

Shares used in computing diluted net income per share
44,941,819

 
44,818,528

 
44,980,576

 
44,849,707

Diluted net income per share (1)
$
0.13

 
$
0.21

 
$
0.01

 
$
0.25

Shares excluded from diluted net income per share computations (2)
—

 
—

 
—

 
—


(1)
Diluted net income per share is equal to basic net income 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 per share causing basic net income per share to be lower than diluted net income 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 income per share because their effect would have been anti-dilutive.