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Earnings Per Share ("EPS") | 9 Months Ended
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Jan. 27, 2024
Earnings Per Share [Abstract] |
Earnings Per Share ("EPS") | Earnings Per Share ("EPS") Under the if-converted method, the Convertible Note is assumed to be converted into common stock at the beginning of the reporting period or at time of issuance, if later, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects, and the change in fair value of Convertible Note are added back to the numerator of the calculation. 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. 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 nine months ended January 27, 2024 and January 28, 2023:
| Three Months Ended |  | Nine Months Ended
| January 27, 2024 |  | January 28, 2023 |  | January 27, 2024 |  | January 28, 2023
Earnings per share - basic |  |  |  |  |  |  |
Net income (loss) | $ | 10,742 |  |  | $ | 3,713 |  |  | $ | 32,103 |  |  | $ | (14,597) |
Weighted average shares outstanding | 46,173 |  |  | 45,387 |  |  | 45,975 |  |  | 45,320 |
Basic earnings (loss) per share | $ | 0.23 |  |  | $ | 0.08 |  |  | $ | 0.70 |  |  | $ | (0.32) |
Earnings per share - diluted |  |  |  |  |  |  |
Net income (loss) | $ | 10,742 |  |  | $ | 3,713 |  |  | $ | 32,103 |  |  | $ | (14,597) |
Change in fair value of convertible note | (6,340) |  |  | — |  |  | — |  |  | — |
Interest expense on convertible note, net of tax | 404 |  |  | — |  |  | — |  |  | — |
Diluted net income (loss) | $ | 4,806 |  |  | $ | 3,713 |  |  | $ | 32,103 |  |  | $ | (14,597) |
Weighted average common shares outstanding | 46,173 |  |  | 45,387 |  |  | 45,975 |  |  | 45,320 |
Dilution associated with stock compensation plans | 627 |  |  | 61 |  |  | 633 |  |  | — |
Dilution associated with convertible note | 4,037 |  |  | — |  |  | — |  |  | — |
Weighted average common shares outstanding, assuming dilution | 50,837 |  |  | 45,448 |  |  | 46,608 |  |  | 45,320 |
Diluted earnings (loss) per share | $ | 0.09 |  |  | $ | 0.08 |  |  | $ | 0.69 |  |  | $ | (0.32) |
Options outstanding to purchase 484 shares of common stock with a weighted average exercise price of $10.73 for the three months ended January 27, 2024 and 2,102 shares of common stock with a weighted average exercise price of $7.13 for the three months ended January 28, 2023 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Options outstanding to purchase 695 shares of common stock with a weighted average exercise price of $10.30 for the nine months ended January 27, 2024 and 2,089 shares of common stock with a weighted average exercise price of $7.59 for the nine months ended January 28, 2023 were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. During the nine months ended January 27, 2024, shares of common stock issuable upon conversion of the Convertible Note were not included in the computation of diluted earnings per share, as the effect would be anti-dilutive. For the nine months ended January 27, 2024, 3,875 potential common shares related to the Convertible Note were excluded from the calculation of diluted earnings per share. The debt evidenced by the Convertible Note was not outstanding during fiscal year 2023.

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