Net Loss Per Share (Notes)

3 Months Ended

Mar. 31, 2024

Net Income per Share

The Company applies the two-class method to calculate and present net income per share. The Company's non-vested restricted share awards and Series D Convertible Preferred Stock held by the BKC Stockholders 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 stockholders 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
	March 31, 2024		April 2, 2023
Basic net income per share:
Net income	$	3,664	$	864
Less: Income attributable to non-vested shares	(193)		(129)
Less: Income attributable to preferred stock	(529)		(31)
Net income available to common stockholders	$	2,942	$	704
Weighted average common shares outstanding	52,325,476		51,422,010
Basic net income per share (1)	$	0.06	$	0.01
Diluted net income per share:
Net income	$	3,664	$	864
Shares used in computing basic net income per share	52,325,476		51,422,010
Dilutive effect of preferred stock and non-vested shares	11,896,401		9,998,024
Shares used in computing diluted net income per share	64,221,877		61,420,034
Diluted net income per share (1)	$	0.06	$	0.01

(1)The Company has considered the impact of dividends declared when determining undistributed earnings in the use of the two-class method, and has not reflected that in the table above as the computation has not yielded a change in the calculated basic and diluted net income per share.