EARNINGS PER SHARE

3 Months Ended

Mar. 29, 2026

Basic earnings per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the periods. Diluted earnings per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding during the periods.

The following table reconciles the numerators and denominators used in the computations of both basic and diluted (loss) income per share:


(in millions, except share data)	Thirteen weeks ended March 29, 2026		Thirteen weeks ended March 30, 2025
Numerator:
Net (loss) income attributable to common stockholders	$	(1.7)	$	7.5
Denominator:
Weighted average Class A Common Stock shares, basic	88,347,854		85,721,393
Dilutive securities included in diluted earnings per share calculation:
Warrants	—		1,204,562
RSUs	—		392,877
PSUs	—		215,687
Stock options	—		821
Total dilutive weighted average shares	88,347,854		87,535,340
Basic (loss) income per share	$	(0.02)	$	0.09
Diluted (loss) income per share	$	(0.02)	$	0.09
Weighted average Class V Common Stock not subject to earnings per share calculation	55,349,000		55,656,692
Net loss attributable to noncontrolling interest	$	(0.7)	$	(1.8)

The diluted earnings per share computation includes the effect of the 7,200,000 private placement warrants (the "Warrants") for the period in which they were outstanding. The Warrants were fully exercised in a cashless exchange in August 2025, resulting in the issuance of 1,307,873 shares of the Company's Class A Common Stock. The diluted earnings per share computation excludes the effect of certain restricted stock units ("RSUs"), performance stock units ("PSUs") and stock options granted to directors and management that convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive. Anti-dilutive securities excluded from diluted income per share calculations are as follows:


	Thirteen weeks ended March 29, 2026	Thirteen weeks ended March 30, 2025

RSUs	1,315,958	400,612
PSUs	834,600	411,990
Stock options	649,930	633,007

Shares of the Company’s Class V Common Stock do not participate in earnings of the Company and, therefore, are not participating securities. The PSUs and RSUs were not considered participating securities despite the holders of these stock-based compensation awards being entitled to participate in dividends declared on Class A Common Stock, if and when declared, on a one-to-one per-share basis, because the dividends are only payable upon full vesting of the awards, and as such, the dividend is forfeitable. As of both of March 29, 2026 and December 28, 2025, the Noncontrolling Interest Holders held all 55,349,000 shares of Class V Common Stock issued and outstanding and also held an equal number of units of UBH, which comprise the noncontrolling interest.