Earnings Per Share

6 Months Ended

Nov. 01, 2025

We compute earnings per share (“EPS”) in accordance with the provisions of Accounting Standards Codification Topic 260, Earnings Per Share. Basic EPS is calculated by dividing net income attributable to holders of our common stock, par value $0.00001 per share (“Common Stock”), by the weighted average number of common shares outstanding during the reporting period.

Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, converted, or otherwise resulted in the issuance of common shares that participate in our earnings.

The following table presents a reconciliation of net income and the number of shares of Common Stock used in the calculation of basic and diluted EPS for the three and six months ended November 1, 2025, and October 26, 2024:


	Three Months Ended				Six Months Ended
	November 1, 2025		October 26, 2024		November 1, 2025		October 26, 2024
Earnings per share - basic
Net income	$	17,481	$	21,406	$	33,951	$	16,460
Weighted average shares outstanding	48,565		46,796		48,767		46,576
Basic earnings per share	$	0.36	$	0.46	$	0.70	$	0.35

Earnings per share - diluted
Net income	$	17,481	$	21,406	$	33,951	$	16,460
Change in fair value of convertible note	—		(10,304)		—		—
Interest expense on convertible note, net of tax	—		418		—		—
Diluted net income	$	17,481	$	11,520	$	33,951	$	16,460

Weighted average common shares outstanding	48,565		46,796		48,767		46,576
Dilution associated with stock compensation plans	826		882		841		931
Dilution associated with convertible note	—		4,037		—		—
Weighted average common shares outstanding, assuming dilution	49,391		51,715		49,608		47,507

Diluted earnings per share	$	0.35	$	0.22	$	0.68	$	0.35

During the three months ended November 1, 2025, 47 shares of potential Common Stock related to stock-based compensation plans were excluded from the computation of diluted EPS because their inclusion would have been anti-dilutive.

During the six months ended November 1, 2025, 47 shares of potential Common Stock related to stock-based compensation plans were excluded from the computation of diluted EPS because their inclusion would have been anti-dilutive. These potential shares include options to purchase 24 shares of Common Stock with a weighted average exercise price of $11.87.

For the three and six months ended October 26, 2024, options to purchase 51 and 114 shares of common stock, no par value, with a weighted average exercise price of $10.44 and $12.10, respectively, were excluded from the computation of diluted EPS due to their anti-dilutive effect.

During the three months ended October 26, 2024, 4,037 potential shares of common stock, no par value, issuable upon conversion of a senior secured convertible promissory note in the original principal amount of $25,000 dated as of May 11, 2023, 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 their inclusion would have been anti-dilutive.