EARNINGS (LOSS) PER SHARE

4 Months Ended

Apr. 21, 2024

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of outstanding equity awards for the period using the treasury-stock method.

The following table sets forth the computation of earnings (loss) per common share:


	Sixteen Weeks Ended
(in thousands, except per share amounts)		April 21, 2024		April 16, 2023
Net income (loss)		$	13,993	$	(2,141)
Weighted-average shares outstanding:
Basic		113,972		1,647
Dilutive awards		3,964		—
Diluted		117,936		1,647
Earnings (loss) per common share:
Basic		$	0.12	$	(1.30)
Diluted		$	0.12	$	(1.30)

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted earnings (loss) per share as their impact would have been anti-dilutive:

Sixteen Weeks Ended

(in thousands)

April 21,
2024

April 16,
2023

Options to purchase common stock

2,067


Time-based vesting restricted stock units	1	1,776
Preferred stock (as converted to common shares)	—	95,204
Total common stock equivalents	5	99,047

During the sixteen weeks ended April 16, 2023, the Company’s potentially dilutive securities have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive in a net loss position.