JanOne Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 30, 2024

Note 15: 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):


	For the Thirteen Weeks Ended
	March 30, 2024		April 1, 2023
Continuing Operations
Basic and diluted
Net loss from continuing operations	$	(2,144)	$	(662)
Weighted average common shares outstanding	6,308,331		3,199,061
Basic and diluted loss per share from continuing operations	$	(0.34)	$	(0.21)




Discontinued Operations
Basic and diluted
Net income from discontinued operations	$	—	$	10,747
Weighted average common shares outstanding	6,308,331		3,199,061
Basic and diluted income per share from discontinued operations	$	—	$	3.36




Total
Basic and diluted
Net (loss) income	$	(2,144)	$	10,085
Weighted average common shares outstanding	6,308,331		3,199,061
Basic and diluted (loss) income per share	$	(0.34)	$	3.15

Potentially dilutive securities totaling 114,000 and 120,000 were excluded from the calculation of diluted earnings per share for the 13 weeks ended March 30, 2024 and April 1, 2023, respectively, because the effects were anti-dilutive based on the application of the treasury stock method. Additionally, 176,230 shares of Series A-1 Preferred Stock, convertible into approximately 3.5 million shares of the Company’s common stock, and 100,000 shares of Series S Preferred Stock, convertible into 3.0 million shares of the Company's commons stock (subject to certain contractual, event-based, and temporal limitations), were excluded from the calculation of diluted earnings per share as, by agreement, these shares could not be converted as of March 30, 2024.