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

6 Months Ended

Jun. 29, 2024

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				For the Twenty-Six Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Continuing Operations
Basic
Net income (loss) from continuing operations	$	589	$	79	$	(1,555)	$	(583)
Weighted average common shares outstanding	8,404,102		3,665,887		8,426,349		3,432,374
Basic income (loss) per share from continuing operations	$	0.07	$	0.02	$	(0.18)	$	(0.17)
Diluted
Net income (loss) from continuing operations	$	589	$	79	$	(1,555)	$	(583)
Weighted average common shares outstanding	8,404,102		3,665,887		8,426,349		3,432,374
Diluted income (loss) per share from continuing operations	$	0.07	$	0.02	$	(0.18)	$	(0.17)
Discontinued Operations
Basic
Net income from discontinued operations	$	—	$	44	$	—	$	10,790
Weighted average common shares outstanding	8,404,102		3,665,887		8,426,349		3,432,374
Basic income per share from discontinued operations	$	—	$	0.01	$	—	$	3.14
Diluted
Net income from discontinued operations	$	—	$	44	$	—	$	10,790
Weighted average common shares outstanding	8,404,102		3,665,887		8,426,349		3,432,374
Diluted income per share from discontinued operations	$	—	$	0.01	$	—	$	3.14
Total
Basic
Net income	$	589	$	123	$	(1,555)	$	10,207
Weighted average common shares outstanding	8,404,102		3,665,887		8,426,349		3,432,374
Basic income per share	$	0.07	$	0.03	$	(0.18)	$	2.97
Diluted
Net income	$	589	$	123	$	(1,555)	$	10,207
Weighted average common shares outstanding	8,404,102		3,665,887		8,426,349		3,432,374
Diluted income per share	$	0.07	$	0.03	$	(0.18)	$	2.97

Potentially dilutive securities totaling 108,000 and 114,000 were excluded from the calculation of diluted earnings per share for the 26 weeks ended June 29, 2024 and July 1, 2023, respectively, because the effects were anti-dilutive based on

the application of the treasury stock method. Additionally, 69,980 shares of Series A-1 Preferred Stock, convertible into 1.4 million 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 common 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 June 29, 2024.