Annual report pursuant to Section 13 and 15(d)

22. Earnings per Share

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22. Earnings per Share
12 Months Ended
Dec. 29, 2018
Earnings (loss) per share:  
Earnings per Share

Note 22:       Earnings per share

 

Net earnings per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net earnings per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential common shares consist of the additional common shares issuable in respect of restricted share awards, stock options and convertible preferred stock.

 

The following table presents the computation of basic and diluted net earnings per share:

 

    For the Fifty Two Weeks Ended  
    December 29, 2018     December 30, 2017  
Basic            
             
Net income (loss) from continuing operations   $ (5,608 )   $ 5,893  
Net income from discontinued operations, net of tax           (5,775 )
Net income (loss)   $ (5,608 )   $ 118  
                 
Basic earnings (loss) per share:                
Basic earnings (loss) per share from continued operations   $ (0.75 )   $ 0.88  
Basic earnings per share - discontinued operations, net of tax           (0.86 )
Basic earnings (loss) per share   $ (0.75 )   $ 0.02  
                 
Weighted average common shares outstanding     7,475       6,708  

 

 

Diluted            
             
Diluted earnings (loss) per share:                
Diluted earnings (loss) per share from continued operations   $ (0.75 )   $ 0.87  
Diluted earnings per share - discontinued operations, net of tax           (0.85 )
Diluted earnings (loss) per share   $ (0.75 )   $ 0.02  
                 
                 
Weighted average common shares outstanding     7,475       6,708  
Add: Series A Convertible Preferred Stock            
Add: Common Stock Warrants           50  
Assumed diluted weighted average common shares outstanding     7,475       6,758  

 

Potentially dilutive securities were excluded from the calculation of diluted net income per share for years ended December 29, 2018 and December 30, 2017. The weighted average number of dilutive securities excluded were 651 and 651, respectively for each fiscal year, because the effects were anti-dilutive based on the application of the treasury stock method. Series A preferred shares issued and outstanding are excluded from dilutive securities until the conditions for conversion have been satisfied. See Note 19.