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Earnings Per Share ("EPS")
 6 Months Ended
Oct. 26, 2024
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS") Earnings Per Share ("EPS")
We follow the provisions of Accounting Standards Codification 260, Earnings Per Share ("ASC 260"), 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 income and common share amounts used in the calculation of basic and diluted EPS for the three and six months ended October 26, 2024 and October 28, 2023:
Three Months EndedSix Months Ended
October 26,
2024		October 28,
2023		October 26,
2024		October 28,
2023
Earnings per share - basic
Net income$21,406 $2,165 $16,460 $21,361 
Weighted average shares outstanding46,796 46,030 46,576 45,838 
Basic earnings per share$0.46 $0.05 $0.35 $0.47 
Earnings per share - diluted
Net income$21,406 $2,165 $16,460 $21,361 
Change in fair value of convertible note(10,304)— — — 
Interest expense on convertible note, net of tax418 — — — 
Diluted net income$11,520 $2,165 $16,460 $21,361 
Weighted average common shares outstanding46,796 46,030 46,576 45,838 
Dilution associated with stock compensation plans882 675 931 616 
Dilution associated with convertible note4,037 — — — 
Weighted average common shares outstanding, assuming dilution51,715 46,705 47,507 46,454 
Diluted earnings per share$0.22 $0.05 $0.35 $0.46 
Options outstanding to purchase 51 and 521 shares of common stock with a weighted average exercise price of $10.44 and $10.76 for the three months ended October 26, 2024 and October 28, 2023, respectively, were not included in the computation of diluted EPS because the effects would be anti-dilutive.
Options outstanding to purchase 114 shares of common stock with a weighted average exercise price of $12.10 for the six months ended October 26, 2024 and 1,039 shares of common stock with a weighted average exercise price of $9.53 for the six months ended October 28, 2023 were excluded from the computation of diluted EPS because the effects would be anti-dilutive.
During the three months ended October 26, 2024, 4,037 potential 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 issued by the Company to Alta Fox Opportunities Fund, LP (the "Convertible Note"), were included in the computation of diluted EPS. For the six months ended October 26, 2024, 4,037 potential common shares issuable upon conversion of the Convertible Note were not included in the computation of diluted EPS, as the effect would be anti-dilutive.
During the three and six months ended October 28, 2023, 4,051 and 3,806, respectively, potential shares of common stock issuable upon conversion of the Convertible Note were not included in the computation of diluted EPS, as the effect would be anti-dilutive.