Earnings Per Share (Tables)

6 Months Ended

Jun. 28, 2020

Schedule of Earnings Per Share, Basic and Diluted

The calculations of basic and diluted earnings per common share are as follows (in thousands, except per-share data):


	Three Months Ended				Six Months Ended
	June 28,		June 30,		June 28,		June 30,
	2020		2019		2020		2019

Basic earnings per common share
Net income attributable to the Company	$	20,614	$	8,354	$	29,057	$	6,623
Preferred stock dividends and accretion		(3,347)		(3,486)		(6,818)		(5,556)
Net income attributable to participating securities		(1,560)		—		(1,306)		—
Net income attributable to common shareholders	$	15,707	$	4,868	$	20,933	$	1,067

Basic weighted average common shares outstanding		32,335		31,587		32,214		31,570
Basic earnings per common share	$	0.49	$	0.15	$	0.65	$	0.03

Diluted earnings per common share
Net income attributable to common shareholders	$	15,707	$	4,868	$	20,933	$	1,067

Weighted average common shares outstanding		32,335		31,587		32,214		31,570
Dilutive effect of outstanding equity awards (a)		284		186		230		176
Diluted weighted average common shares outstanding (b)		32,619		31,773		32,444		31,746
Diluted earnings per common share	$	0.48	$	0.15	$	0.65	$	0.03

(a)	Excludes 145 and 170 equity awards for the three and six months ended June 28, 2020, respectively, and 1,561 and 1,469 equity awards for the three and six months ended June 30, 2019, respectively, as the effect of including such awards would have been anti-dilutive.

(b)

The Company had 252.5 shares of Series B Preferred Stock outstanding as of June 28, 2020 and December 29, 2019. For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common stockholders. The Company then applied the if-converted method to calculate dilution on the Series B Preferred Stock, which resulted in 5.0 million additional common shares. This calculation was anti-dilutive for both periods presented and as such was excluded.