Earnings Per Share
|9 Months Ended|
Sep. 30, 2023
|Earnings Per Share [Abstract]|
|Earnings Per Share||Earnings Per Share
Net income (loss) 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 income (loss) 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 income (loss) per share (in $000’s, except share and per–share data):
Potentially dilutive securities totaling 114,000 and 117,500 were excluded from the calculation of diluted earnings per share for the 39 weeks ended September 30, 2023 and October 1, 2022, respectively, because the effects were anti-dilutive based on the application of the treasury stock method. Additionally, 193,730 shares of Series A-1 Preferred Stock, convertible into approximately 3.9 million of the Company’s common shares, and 100,000 shares of Series S Preferred Stock, convertible into 100,000 of the Company’s common shares, were excluded from the calculation of diluted earnings per share as, by agreement, these shares could not be converted as of September 30, 2023.
The entire disclosure for earnings per share.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef