Earnings Per Share

6 Months Ended

Jul. 16, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 11 – Earnings Per Share

Outstanding nonvested restricted stock awards under the 2015 Stock Incentive Plan contain nonforfeitable rights to dividends or dividend equivalents, which participate in undistributed earnings with common stock. These awards are classified as participating securities and are included in the calculation of basic earnings per share. Awards under the 2020 Stock Incentive Plan do not contain nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. The dilutive impact of both the restricted stock awards and warrants are presented below, as applicable. The following table sets forth the computation of basic and diluted net earnings per share:

	12 Weeks Ended						28 Weeks Ended
(In thousands, except per share amounts)	July 16, 2022			July 17, 2021			July 16, 2022			July 17, 2021
Numerator:
Net earnings	$	5,115		$	16,814		$	24,404		$	36,330
Adjustment for earnings attributable to participating securities		(54	)		(305	)		(307	)		(736	)
Net earnings used in calculating earnings per share	$	5,061		$	16,509		$	24,097		$	35,594
Denominator:
Weighted average shares outstanding, including participating securities		35,564			35,693			35,565			35,734
Adjustment for participating securities		(373	)		(648	)		(448	)		(724	)
Shares used in calculating basic earnings per share		35,191			35,045			35,117			35,010
Effect of dilutive stock warrant		789			134			735			112
Effect of dilutive restricted stock awards		175			63			170			44
Shares used in calculating diluted earnings per share		36,155			35,242			36,022			35,166
Basic earnings per share	$	0.14		$	0.47		$	0.69		$	1.02
Diluted earnings per share	$	0.14		$	0.47		$	0.67		$	1.01