Earnings Per Share ("EPS")

3 Months Ended

Jul. 29, 2023

In the first quarter of fiscal 2024, we adopted ASU 2020-06. Upon adoption, we prospectively utilized the if-converted method to calculate the dilutive impact of our convertible note issued on May 11, 2023 (the "Convertible Note"). See "Note 7. Financing Agreements" of the Notes to our Condensed Consolidated Financial Statements included in this Form 10-Q for further information on the Convertible Note. Under the if-converted method, the Convertible Note is assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects, are added back to the numerator of the calculation. The following is a reconciliation of the net income (loss) and common share amounts used in the calculation of basic and diluted EPS for the three months ended July 29, 2023 and July 30, 2022:


	Three Months Ended
	July 29, 2023		July 30, 2022
Earnings per share - basic
Net income (loss)	$	19,196	$	(5,326)
Weighted average shares outstanding	45,645		45,097
Basic earnings (loss) per share	$	0.42	$	(0.12)

Earnings per share - diluted
Net income (loss)	$	19,196	$	(5,326)

Diluted net income (loss)	$	19,196	$	(5,326)

Weighted average common shares outstanding	45,645		45,097
Dilution associated with stock compensation plans	553		—

Weighted average common shares outstanding, assuming dilution	46,198		45,097

Diluted earnings (loss) per share	$	0.42	$	(0.12)

Options outstanding to purchase 1,326 shares of common stock with a weighted average exercise price of $8.97 for the three months ended July 29, 2023 and 2,102 shares of common stock with a weighted average exercise price of $8.12 for the three months ended July 30, 2022 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.