Post-effective amendment to a registration statement that is not immediately effective upon filing

Net Income Per Share

v3.22.1
Net Income Per Share
 3 Months Ended 12 Months Ended
Apr. 02, 2022
Jan. 01, 2022
Earnings Per Share [Abstract]    
Net Income Per Share
16. Net Income Per Share
Prior to the Business Combination, and prior to effecting the reverse recapitalization, the Company’s
pre-merger
LLC membership structure included two classes of units: Class A preferred units and Class B common units. The Class A preferred units were entitled to receive distributions prior and in preference on Class A preferred unit unpaid cumulative dividends (“Unpaid Preferred Yield”) followed by Class A preferred unit capital contributions that have not been paid back to the holders (the “Unreturned Capital”). Vested Class B common units participate in the remaining distribution on a
pro-rata
basis with Class A preferred units if they have met the respective Participation Threshold and, if applicable, the Target Value defined in the respective Unit Grant Agreement. The Class A preferred and Class B common units fully vested at the Business Combination date.
Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 7, 2021 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted. Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.
The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three months ended April 2, 2022 and March 27, 2021
(in thousands except share data):
 
 
  
Three Months Ended
 
 
  
April 2, 2022
 
  
March 27, 2021
 
Numerator:
  
      
  
      
Net income attributable to common stockholders
    $ 19,704      $ 14,719  
    
 
 
     
 
 
  
Denominator:
                  
Weighted average number of shares:
                  
Basic
      146,561,717        66,145,633  
Adjustment for Restricted Stock Units
      271,172      $ —    
    
 
 
     
 
 
  
Diluted
      146,832,889        66,145,633  
    
 
 
     
 
 
  
Basic net income per share attributable to common stockholders
    $ 0.13      $ 0.22  
Diluted net income per share attributable to common stockholders
    $ 0.13      $ 0.22  
    
 
 
     
 
 
  
19. Net Income Per Share
Prior to the Business Combination, and prior to effecting the reverse recapitalization, the Company’s
pre-merger
LLC membership structure included two classes of units: Class A preferred units and Class B common units. The Class A preferred units were entitled to receive distributions prior and in preference on Class A preferred unit unpaid cumulative dividends (“Unpaid Preferred Yield”) followed by Class A preferred unit capital contributions that have not been paid back to the holders (the “Unreturned Capital”). Vested Class B common units participate in the remaining distribution on a
pro-rata
basis with Class A preferred units if they have met the respective Participation Threshold and, if applicable, the Target Value defined in the respective Unit Grant Agreement. The Class A preferred and Class B common units fully vested at the Business Combination date.
Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 7, 2021 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted. Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include stock purchase warrants and contingently issuable shares attributable to the earn-out consideration. Dilutive EPS excludes private placement warrants as the impact is antidilutive. 

The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the years ended January 1, 2022, December 26, 2020 and December 28, 2019:

 
 
  
Year Ended
 
 
 
  
January 1,

2022
 
  
December 26,

2020
 
  
December 28,

2019
 
Numerator:
  
      
  
      
  
      
Net income attributable to common stockholders
   $ 43,801     $ 56,837  
 
$
39,399
 
   
 
 
    
 
 
  
 
 
 
 
Denominator:
                
 
 
 
 
Weighted average number of shares:
                
 
 
 
 
Basic
     107,875,018       65,843,575  
 
 
65,271,283
 
Adjustment for Public Warrants - Treasury stock method
     1,102,793       —    
 
 
—  
 
   
 
 
    
 
 
  
 
 
 
 
Diluted
   $ 108,977,811     $ 65,843,575  
 
$
65,271,283
 
   
 
 
    
 
 
  
 
 
 
 
Basic net income per share attributable to common stockholders
   $ 0.41     $ 0.86  
 
$
0.60
 
Diluted net income per share attributable to common stockholders
   $ 0.40     $ 0.86  
 
$
0.60