Earnings Per Share ("EPS")

3 Months Ended

Jul. 27, 2024

We follow the provisions of Accounting Standards Codification ("ASC 260"), Earnings Per Share, where basic earnings per share ("EPS") is computed by dividing income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution which may occur if securities or other obligations to issue common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock which share in our earnings.

The following is a reconciliation of the net (loss) income and common share amounts used in the calculation of basic and diluted EPS for the three months ended July 27, 2024 and July 29, 2023:


	Three Months Ended
	July 27, 2024		July 29, 2023
Earnings per share - basic
Net (loss) income	$	(4,946)	$	19,196
Weighted average shares outstanding	46,311		45,645
Basic earnings (loss) per share	$	(0.11)	$	0.42

Earnings per share - diluted
Net (loss) income	$	(4,946)	$	19,196


Diluted net (loss) income	$	(4,946)	$	19,196

Weighted average common shares outstanding	46,311		45,645
Dilution associated with stock compensation plans	—		553
Dilution associated with convertible note	—		—
Weighted average common shares outstanding, assuming dilution	46,311		46,198

Diluted earnings (loss) per share	$	(0.11)	$	0.42

Options outstanding to purchase 161 and 1,326 shares of common stock with a weighted average exercise price of $12.52 and $8.97 for the three months ended July 27, 2024 and July 29, 2023, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.

During the three months ended July 27, 2024 and July 29, 2023, shares of common stock issuable upon conversion of the secured convertible note in the original principal payment of $25,000 due on May 11, 2027 (the "Convertible Note") were not included in the computation of diluted EPS, as the effect would be anti-dilutive. For the three months ended July 27, 2024 and July 29, 2023, 4,037 and 3,549, respectively, potential common shares related to the convertible note issued by the Company to Alta Fox Opportunities Fund, LP, were excluded from the calculation of diluted EPS.