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Net income Per-share Attributable to Common Stockholders
 3 Months Ended
Jun. 28, 2025
Net income Per-share Attributable to Common Stockholders [Abstract]  
Net income Per-share Attributable to Common Stockholders

5. Net income Per-share Attributable to Common Stockholders

 

Basic net income per-share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding.

 

Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the sum of the weighted average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options, the vesting of restricted shares, and contingently issuable shares related to performance-based awards.

 

We exclude outstanding stock options, stock awards and contingently issuable shares related to performance-based awards from the calculations if the effect would be anti-dilutive.

 

Prior to October 2024, there were 4,600,000 shares of our 5.00% Series A Mandatory Convertible Preferred Stock (the “MCPS”) issued and outstanding. For the three-month period ended June 29, 2024, the effect of assuming the conversion of the 4,600,000 shares of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of diluted earnings per-share attributable to common stockholders. Accordingly, net income was reduced by cumulative MCPS dividends, as presented in our consolidated statement of operations, for purposes of calculating the numerator in the diluted net income per share attributable to common stockholders.

For the three months ended June 28, 2025, 63,098 employee stock options and 7,324 restricted shares were excluded from the calculation of diluted earnings per-share attributable to common stockholders. For the three months ended June 29, 2024, 87,500 employee stock options and 7,818 restricted shares were excluded from the calculation of diluted earnings per-share attributable to common stockholders. The inclusion of these employee stock options and restricted shares would have been anti-dilutive.

 

The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per-share attributable to common stockholders.

 

   Three Months Ended 
   June 28,
2025		   June 29,
2024		 
Net income  $68.5   $61.4 
Preferred stock dividends   
—
    5.7 
Net income attributable to common stockholders  $68.5   $55.7 
Denominator:        
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding   31,374,859    29,054,820 
Effect of dilution due to contingently issuable shares related to performance-based awards   8,006    
—
 
Effect of dilution due to employee stock awards   170,349    240,178 
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding   31,553,214    29,294,998 
Basic net income per share attributable to common stockholders  $2.18   $1.92 
Diluted net income per share attributable to common stockholders  $2.17   $1.90