EARNINGS PER SHARE

6 Months Ended

Mar. 30, 2024

12. (LOSS) EARNINGS PER SHARE

Basic (loss)/income per share is calculated using the weighted average number of shares of common stock outstanding during the period. Restricted stock are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive. For the three and six months ended March 30, 2024, restricted stock were excluded due to the net loss the Company incurred during those periods.

The following table reflects a reconciliation of the shares used in the basic and diluted net income per share computation for the three and six months ended March 30, 2024 and April 1, 2023:



	Three months ended
(in thousands, except per share data)	March 30, 2024				April 1, 2023
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net (loss)/income	$	(102,680)	$	(102,680)	$	15,041	$	15,041


DENOMINATOR:
Weighted average shares outstanding - Basic	56,154		56,154		56,684		56,684

Dilutive effect of Equity Plans			—				893


Weighted average shares outstanding - Diluted			56,154				57,577
EPS:
Net (loss)/income per share - Basic	$	(1.83)	$	(1.83)	$	0.27	$	0.27
Effect of dilutive shares			—				(0.01)
Net (loss)/income per share - Diluted			$	(1.83)			$	0.26

Anti-dilutive shares(1)			416				0



	Six months ended
(in thousands, except per share data)	March 30, 2024				April 1, 2023
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net (loss)/income	$	(93,387)	$	(93,387)	$	29,630	$	29,630


DENOMINATOR:
Weighted average shares outstanding - Basic	56,402		56,402		56,868		56,868
Dilutive effect of Equity Plans			—				871
Weighted average shares outstanding - Diluted			56,402				57,739
EPS:
Net (loss)/income per share - Basic	$	(1.66)	$	(1.66)	$	0.52	$	0.52
Effect of dilutive shares			—				(0.01)
Net (loss)/income per share - Diluted			$	(1.66)			$	0.51

Anti-dilutive shares(1)			412				1

(1) Represents the Time-based RSUs, Relative TSR PSUs and Growth PSUs that are excluded from the calculation of diluted earnings per share for the three and six months ended March 30, 2024 and April 1, 2023 as the effect would have been anti-dilutive.