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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 28, 2021
 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ______ to ______
Commission File Number: 001-35625

https://cdn.kscope.io/a4b4ca85023b68c9c9e1e8781d96d0d6-blmn-20210328_g1.jpg

BLOOMIN’ BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware20-8023465
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
2202 North West Shore Boulevard, Suite 500, Tampa, FL 33607
(Address of principal executive offices) (Zip Code)

(813) 282-1225
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock
$0.01 par value
BLMN
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer   Non-accelerated filer
Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  

As of April 27, 2021, 88,919,036 shares of common stock of the registrant were outstanding.


Table of Contents
BLOOMIN’ BRANDS, INC.


INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended March 28, 2021
(Unaudited)

TABLE OF CONTENTS
 Page No.
Item 1.
 
  
 
 
   
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.
  
 
2

Table of Contents
BLOOMIN’ BRANDS, INC.

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED) 
MARCH 28, 2021DECEMBER 27, 2020
ASSETS  
Current assets  
Cash and cash equivalents$136,658 $109,980 
Restricted cash and cash equivalents 428 
Inventories53,905 61,928 
Other current assets, net82,426 151,518 
Total current assets272,989 323,854 
Property, fixtures and equipment, net862,844 887,687 
Operating lease right-of-use assets1,165,947 1,172,910 
Goodwill268,645 271,164 
Intangible assets, net457,843 459,983 
Deferred income tax assets, net166,142 153,883 
Other assets, net90,914 92,626 
Total assets$3,285,324 $3,362,107 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$146,832 $141,457 
Accrued and other current liabilities428,284 388,321 
Unearned revenue315,038 381,616 
Current portion of long-term debt41,829 38,710 
Total current liabilities931,983 950,104 
Non-current operating lease liabilities1,212,656 1,217,921 
Long-term debt, net951,534 997,770 
Other long-term liabilities, net143,746 185,355 
Total liabilities3,239,919 3,351,150 
Commitments and contingencies (Note 18)
Stockholders’ equity
Bloomin’ Brands stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of March 28, 2021 and December 27, 2020
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 88,854,861 and 87,855,571 shares issued and outstanding as of March 28, 2021 and December 27, 2020, respectively
889 879 
Additional paid-in capital1,097,639 1,132,808 
Accumulated deficit(844,864)(918,096)
Accumulated other comprehensive loss(215,060)(211,446)
Total Bloomin’ Brands stockholders’ equity38,604 4,145 
Noncontrolling interests6,801 6,812 
Total stockholders’ equity45,405 10,957 
Total liabilities and stockholders’ equity$3,285,324 $3,362,107 
The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

THIRTEEN WEEKS ENDED
MARCH 28, 2021MARCH 29, 2020
Revenues  
Restaurant sales$979,451 $996,237 
Franchise and other revenues8,022 12,100 
Total revenues987,473 1,008,337 
Costs and expenses  
Food and beverage costs291,870 319,693 
Labor and other related274,638 309,269 
Other restaurant operating229,293 246,555 
Depreciation and amortization41,226 48,268 
General and administrative57,248 84,802 
Provision for impaired assets and restaurant closings2,200 41,318 
Total costs and expenses896,475 1,049,905 
Income (loss) from operations90,998 (41,568)
Other income (expense), net21 (793)
Interest expense, net(14,628)(11,708)
Income (loss) before provision (benefit) for income taxes76,391 (54,069)
Provision (benefit) for income taxes6,593 (19,655)
Net income (loss)69,798 (34,414)
Less: net income attributable to noncontrolling interests936 197 
Net income (loss) attributable to Bloomin’ Brands
68,862 (34,611)
Redemption of preferred stock in excess of carrying value (3,496)
Net income (loss) attributable to common stockholders$68,862 $(38,107)
Net income (loss)$69,798 $(34,414)
Other comprehensive income (loss):
Foreign currency translation adjustment(6,575)(7,961)
Unrealized loss on derivatives, net of tax(42)(13,336)
Reclassification of adjustment for loss on derivatives included in Net income (loss), net of tax3,003 1,396 
Comprehensive income (loss)66,184 (54,315)
Less: comprehensive income (loss) attributable to noncontrolling interests936 (467)
Comprehensive income (loss) attributable to Bloomin’ Brands$65,248 $(53,848)
Earnings (loss) per share attributable to common stockholders:
Basic$0.78 $(0.44)
Diluted$0.63 $(0.44)
Weighted average common shares outstanding:
Basic88,367 87,129 
Diluted110,641 87,129 
 
The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance, December 27, 202087,856 $879 $1,132,808 $(918,096)$(211,446)$6,812 $10,957 
Cumulative-effect from a change in accounting principle, net of tax— — (47,323)4,370 — — (42,953)
Net income— — — 68,862 — 936 69,798 
Other comprehensive loss, net of tax— — — — (3,614)— (3,614)
Stock-based compensation— — 4,726 — — — 4,726 
Common stock issued under stock plans (1)999 10 7,428 — — — 7,438 
Distributions to noncontrolling interests— — — — — (1,458)(1,458)
Contributions from noncontrolling interests— — — — — 511 511 
Balance, March 28, 202188,855 $889 $1,097,639 $(844,864)$(215,060)$6,801 $45,405 
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance, December 29, 201986,946 $869 $1,094,338 $(755,089)$(169,776)$7,139 $177,481 
Cumulative-effect from a change in accounting principle, net of tax— — — (4,292)— — (4,292)
Net (loss) income— — — (34,611)— 197 (34,414)
Other comprehensive loss, net of tax— — — — (19,754)(147)(19,901)
Cash dividends declared, $0.20 per common share
— — (17,480)— — — (17,480)
Stock-based compensation— 3,289 — — — 3,289 
Consideration for preferred stock in excess of carrying value, net of tax— — (3,496)— 517 1,261 (1,718)
Common stock issued under stock plans (1)471 5 (2,513)— — — (2,508)
Purchase of noncontrolling interests— — (57)— — — (57)
Distributions to noncontrolling interests— — — — — (310)(310)
Contributions from noncontrolling interests— — — — — 53 53 
Balance, March 29, 202087,417 $874 $1,074,081 $(793,992)$(189,013)$8,193 $100,143 
________________
(1)Net of forfeitures and shares withheld for employee taxes.

The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
BLOOMIN’ BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)

THIRTEEN WEEKS ENDED
MARCH 28, 2021MARCH 29, 2020
Cash flows provided by operating activities:  
Net income (loss)$69,798 $(34,414)
Adjustments to reconcile Net income (loss) to cash provided by operating activities:  
Depreciation and amortization41,226 48,268 
Amortization of debt discounts and issuance costs1,308 634 
Amortization of deferred gift card sales commissions8,725 9,090 
Provision for impaired assets and restaurant closings2,200 41,318 
Non-cash operating lease costs19,502 19,253 
Provision for expected credit losses and contingent lease liabilities(98)7,522 
Inventory obsolescence and spoilage 5,291 
Stock-based and other non-cash compensation expense4,726 3,289 
Deferred income tax expense (benefit)1,571 (10,940)
Loss on disposal of property, fixtures and equipment434 796 
Other, net(1,165)1,655 
Change in assets and liabilities(7,201)(63,471)
Net cash provided by operating activities141,026 28,291 
Cash flows used in investing activities:  
Capital expenditures(17,411)(34,229)
Other investments, net793 (569)
Net cash used in investing activities$(16,618)$(34,798)
(CONTINUED...)
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BLOOMIN’ BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)

THIRTEEN WEEKS ENDED
MARCH 28, 2021MARCH 29, 2020
Cash flows (used in) provided by financing activities:
Repayments of long-term debt and finance lease obligations$(9,656)$(6,657)
Proceeds from borrowings on revolving credit facilities, net15,000 505,000 
Repayments of borrowings on revolving credit facilities(107,000)(129,000)
Proceeds (payments of taxes) from share-based compensation, net7,438 (2,508)
Distributions to noncontrolling interests(1,458)(310)
Contributions from noncontrolling interests511 53 
Purchase of limited partnership and noncontrolling interests (57)
Payments for partner equity plan(1,747)(5,701)
Cash dividends paid on common stock (17,480)
Redemption of subsidiary preferred stock (1,007)
Net cash (used in) provided by financing activities(96,912)342,333 
Effect of exchange rate changes on cash and cash equivalents(1,246)424 
Net increase in cash, cash equivalents and restricted cash26,250 336,250 
Cash, cash equivalents and restricted cash as of the beginning of the period110,408 67,145 
Cash, cash equivalents and restricted cash as of the end of the period$136,658 $403,395 
Supplemental disclosures of cash flow information:  
Cash paid for interest$10,230 $10,682 
Cash paid for income taxes, net of refunds2,150 5,408 
Supplemental disclosures of non-cash investing and financing activities:  
Leased assets obtained in exchange for new operating lease liabilities$14,819 $21,514 
Leased assets obtained in exchange for new finance lease liabilities15 473 
Increase (decrease) in liabilities from the acquisition of property, fixtures and equipment2,005 (1,950)

The accompanying notes are an integral part of these consolidated financial statements.
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.    Description of the Business and Basis of Presentation

Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.

Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 27, 2020.

Recently Adopted Financial Accounting Standards - On December 28, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity,” (“ASU No. 2020-06”) which removes the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. ASU No. 2020-06 also requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method is no longer permitted for convertible instruments. The Company adopted ASU No. 2020-06 using the modified retrospective approach which resulted in a cumulative-effect adjustment that increased (decreased) the following Consolidated Balance Sheet accounts during the first quarter of 2021:
ADJUSTMENTCONSOLIDATED BALANCE SHEET CLASSIFICATIONAMOUNT
(in millions)
Deferred tax impact of cumulative-effect adjustmentDeferred income tax assets, net$14.9 
Debt discount reclassificationLong-term debt, net$59.9 
Equity issuance costs reclassification Long-term debt, net$(2.1)
Debt discount amortization reclassification, net of taxAccumulated deficit$4.4 
Reversal of separated equity component, net of taxAdditional paid-in capital$(47.3)

After adopting ASU No. 2020-06, the Company’s convertible senior notes due 2025 (the “2025 Notes”) are reflected entirely as a liability since the embedded conversion feature is no longer separately presented within stockholders’ equity. During 2020, the Company recognized debt discount amortization of $6.3 million within Interest expense, net related to its 2025 Notes.

In February 2021, the Company made an irrevocable election under the indenture to require the principal portion of its 2025 Notes to be settled in cash and any excess in shares. Following the irrevocable notice, only the amounts settled in excess of the principal will be considered in diluted earnings per share under the if-converted method.


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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
2.    COVID-19 Charges

In March 2020, the Company temporarily closed all restaurant dining rooms in the U.S. to comply with state and local regulations in response to the COVID-19 pandemic (“COVID-19”), which significantly impacted operating results during the thirteen weeks ended March 29, 2020. Following is a summary of the charges recorded in connection with the COVID-19 pandemic for the period indicated (dollars in thousands):
CHARGESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATIONTHIRTEEN WEEKS ENDED
MARCH 29, 2020
Inventory obsolescence and spoilageFood and beverage costs$6,182 
Compensation for idle employees (1)Labor and other related16,186 
Lease guarantee contingent liabilities (2)General and administrative4,188 
Allowance for expected credit losses (3)General and administrative3,334 
Other chargesGeneral and administrative573 
Right-of-use asset impairment (4)Provision for impaired assets and restaurant closings20,484 
Fixed asset impairment (4)Provision for impaired assets and restaurant closings11,728 
Goodwill and other impairment (5)Provision for impaired assets and restaurant closings2,388 
$65,063 
________________
(1)Represents relief pay for hourly employees impacted by the closure of dining rooms.
(2)Represents contingent liabilities recorded for lease guarantees related to certain former restaurant locations now operated by franchisees or other third parties.
(3)Includes reserves to reflect an increase in expected credit losses, primarily related to franchise receivables.
(4)Includes impairments resulting from the remeasurement of assets utilizing projected future cash flows revised for then current economic conditions and the closure of certain restaurants.
(5)Includes impairment of goodwill for the Company’s Hong Kong subsidiary.

3.    Revenue Recognition

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 28, 2021MARCH 29, 2020
Revenues
Restaurant sales$979,451 $996,237 
Franchise and other revenues
Franchise revenue$6,789 $9,549 
Other revenue1,233 2,551 
Total Franchise and other revenues$8,022 $12,100 
Total revenues$987,473 $1,008,337 
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table includes disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated:
THIRTEEN WEEKS ENDED
MARCH 28, 2021MARCH 29, 2020
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUERESTAURANT SALESFRANCHISE REVENUE
U.S.
Outback Steakhouse$547,195 $2,956 $530,685 $6,541 
Carrabba’s Italian Grill157,686 617 146,875 461 
Bonefish Grill126,974 130 135,072 136 
Fleming’s Prime Steakhouse & Wine Bar66,311  70,960  
Other1,893  1,297  
U.S. total$900,059 $3,703 $884,889 $7,138 
International
Outback Steakhouse Brazil (1)$60,848 $ $91,590 $ 
Other (1)(2)18,544 3,086 19,758 2,411 
International total$79,392 $3,086 $111,348 $2,411 
Total$979,451 $6,789 $996,237 $9,549 
________________
(1)Brazil Restaurant sales are reported on a one-month lag and are presented on a calendar basis. Restaurant sales for Brazil during the first quarter of 2020 (through February 29, 2020) were not materially impacted by the COVID-19 pandemic.
(2)Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands)MARCH 28, 2021DECEMBER 27, 2020
Other current assets, net
Deferred gift card sales commissions$13,502 $19,300 
Unearned revenue
Deferred gift card revenue$306,075 $373,048 
Deferred loyalty revenue8,515 8,099 
Deferred franchise fees - current448 469 
Total Unearned revenue$315,038 $381,616 
Other long-term liabilities, net
Deferred franchise fees - non-current$4,207 $4,301 

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 28, 2021MARCH 29, 2020
Balance, beginning of period$19,300 $18,554 
Deferred gift card sales commissions amortization(8,725)(9,090)
Deferred gift card sales commissions capitalization3,499 4,324 
Other(572)(739)
Balance, end of period$13,502 $13,049 
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table is a rollforward of unearned gift card revenue for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 28, 2021MARCH 29, 2020
Balance, beginning of period$373,048 $358,757 
Gift card sales44,169 58,439 
Gift card redemptions(104,940)(133,181)
Gift card breakage(6,202)(6,497)
Balance, end of period$306,075 $277,518 


4.    Impairments and Exit Costs

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 28, 2021MARCH 29, 2020
Impairment losses
U.S. (1)$1,406 $30,972 
International (1)(2)707 3,172 
Corporate (3)29 6,280 
Total impairment losses$2,142 $40,424 
Restaurant closure charges
U.S. (1)$58 $721 
International (1) 173 
Total restaurant closure charges$58 $894 
Provision for impaired assets and restaurant closings$2,200 $41,318 
________________
(1)U.S. and international impairment and closure charges for the thirteen weeks ended March 29, 2020 primarily relate to the COVID-19 pandemic. See Note 2 - COVID-19 Charges for details regarding the impact of the COVID-19 pandemic on the Company’s financial results.
(2)Includes goodwill impairment charges of $2.0 million during the thirteen weeks ended March 29, 2020.
(3)Corporate impairment charges for the thirteen weeks ended March 29, 2020 primarily relate to transformational initiatives.

Accrued Facility Closure and Other Costs Rollforward - The following table is a rollforward of the Company’s closed facility lease liabilities and other accrued costs associated with the closure and restructuring initiatives, for the period indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 28, 2021
Balance, beginning of the period$12,879 
Cash payments(1,171)
Accretion252 
Adjustments(189)
Balance, end of the period (1)$11,771 
________________
(1)As of March 28, 2021, the Company had exit-related accruals related to certain closure and restructuring initiatives of $3.8 million recorded in Accrued and other current liabilities and $8.0 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
5.    Earnings (Loss) Per Share

The dilutive effect of the 2025 Notes is calculated using the if-converted method which was required upon the Company’s adoption of ASU No. 2020-06. To the extent the Company has the ability to settle its 2025 Notes in shares of its common stock, the principal and conversion spread on the 2025 Notes will have a dilutive impact on diluted earnings per share when the average market price of the Company’s common stock for a given period exceeds the conversion price of $11.89 per share of common stock. In February 2021, the Company provided the trustee of its 2025 Notes notice of the Company’s irrevocable election to settle the principal portion of the 2025 Notes in cash and any excess in shares. As a result, subsequent to the election, only the amounts in excess of the principal amount are considered in diluted earnings per share under the if-converted method.

In connection with the offering of the 2025 Notes, the Company entered into the Convertible Note Hedge Transactions and Warrant Transactions described in Note 10 - Convertible Senior Notes. However, the Convertible Note Hedge Transactions are not considered when calculating dilutive shares given its impact is anti-dilutive. The impact of the Convertible Note Hedge Transactions would offset the dilutive impact of the shares underlying the 2025 Notes. The Warrant Transactions have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the $16.64 strike price of the Warrant Transactions. See Note 10 - Convertible Senior Notes for additional information regarding the 2025 Notes, Convertible Note Hedge Transactions and Warrant Transactions.

The following table presents the computation of basic and diluted earnings (loss) per share attributable to common stockholders for the periods indicated:
THIRTEEN WEEKS ENDED
(in thousands, except per share data)MARCH 28, 2021MARCH 29, 2020
Net income (loss) attributable to Bloomin’ Brands
$68,862 $(34,611)
Redemption of preferred stock in excess of carrying value (1) (3,496)
Net income (loss) attributable to common stockholders68,862 (38,107)
Convertible senior notes if-converted method interest adjustment, net of tax (2)1,381  
Diluted net income (loss) attributable to common stockholders$70,243 $(38,107)
Basic weighted average common shares outstanding88,367 87,129 
Effect of dilutive securities:
Stock options709