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Earnings Per Share ("EPS") | 6 Months Ended
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Oct. 28, 2023
Earnings Per Share [Abstract] |
Earnings Per Share ("EPS") | Earnings Per Share ("EPS") 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. See "Note 6. 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 and six months ended October 28, 2023 and October 29, 2022:
| Three Months Ended |  | Six Months Ended
| October 28, 2023 |  | October 29, 2022 |  | October 28, 2023 |  | October 29, 2022
Earnings per share - basic |  |  |  |  |  |  |
Net income (loss) | $ | 2,165 |  |  | $ | (12,984) |  |  | $ | 21,361 |  |  | $ | (18,310) |
Weighted average shares outstanding | 46,030 |  |  | 45,317 |  |  | 45,838 |  |  | 45,258 |
Basic earnings (loss) per share | $ | 0.05 |  |  | $ | (0.29) |  |  | $ | 0.47 |  |  | $ | (0.40) |
Earnings per share - diluted |  |  |  |  |  |  |
Net income (loss) | $ | 2,165 |  |  | $ | (12,984) |  |  | $ | 21,361 |  |  | $ | (18,310) |
Diluted net income (loss) | $ | 2,165 |  |  | $ | (12,984) |  |  | $ | 21,361 |  |  | $ | (18,310) |
Weighted average common shares outstanding | 46,030 |  |  | 45,317 |  |  | 45,838 |  |  | 45,258 |
Dilution associated with stock compensation plans | 675 |  |  | — |  |  | 616 |  |  | — |
Dilution associated with convertible note | — |  |  | — |  |  | — |  |  | — |
Weighted average common shares outstanding, assuming dilution | 46,705 |  |  | 45,317 |  |  | 46,454 |  |  | 45,258 |
Diluted earnings (loss) per share | $ | 0.05 |  |  | $ | (0.29) |  |  | $ | 0.46 |  |  | $ | (0.40) |
Options outstanding to purchase 521 shares of common stock with a weighted average exercise price of $10.76 for the three months ended October 28, 2023 and 2,063 shares of common stock with a weighted average exercise price of $7.51 for the three months ended October 29, 2022 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Options outstanding to purchase 1,039 shares of common stock with a weighted average exercise price of $9.53 for the six months ended October 28, 2023 and 2,082 shares of common stock with a weighted average exercise price of $7.82 for the six months ended October 29, 2022 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. During the three and six months ended October 28, 2023, respectively, shares of common stock issuable upon conversion of the Convertible Note have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive, as under the if-converted method, the income statement impact of the fair value adjustment and interest expense is added back to net income available to common shareholders, thereby increasing earnings per share. For the three and six months ended October 28, 2023, 4,051 and 3,806 potential common shares related to the convertible note were excluded from the calculation of diluted earnings per share. The convertible debt was not outstanding during fiscal year 2023.

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