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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic net earnings per share of Class A common stock is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of Class A common stock outstanding. Diluted net earnings per share is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of dilutive securities, using the treasury stock method. The computations of basic and diluted earnings per share for the quarter and two quarters ended June 30, 2024 and June 25, 2023 are as follows (in thousands):
| Quarter Ended |  | Two Quarters Ended
| June 30, 2024 |  | June 25, 2023 |  | June 30, 2024 |  | June 25, 2023
Net income | $ | 8,530 |  |  | $ | 9,898 |  |  | $ | 13,874 |  |  | $ | 8,625 |
Net income attributable to non-controlling interests | 2,060 |  |  | 3,110 |  |  | 2,842 |  |  | 2,351 |
Net income attributable to Portillo's Inc. | $ | 6,470 |  |  | $ | 6,788 |  |  | $ | 11,032 |  |  | $ | 6,274 |
Shares: |  |  |  |  |  |  |
Weighted-average number of common shares outstanding-basic | 61,650 |  |  | 54,965 |  |  | 59,544 |  |  | 52,252 |
Dilutive share awards | 2,959 |  |  | 3,585 |  |  | 3,034 |  |  | 3,554 |
Weighted-average number of common shares outstanding-diluted | 64,609 |  |  | 58,550 |  |  | 62,578 |  |  | 55,806 |
Basic net income per share | $ | 0.10 |  |  | $ | 0.12 |  |  | $ | 0.19 |  |  | $ | 0.12 |
Diluted net income per share | $ | 0.10 |  |  | $ | 0.12 |  |  | $ | 0.18 |  |  | $ | 0.11 |
Shares of the Company’s Class B Common Stock do not participate in the earnings or losses of Portillo's Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B Common Stock under the two-class method has not been presented. The following shares were excluded from the calculation of diluted earnings per share because they would be antidilutive (in thousands):
| Quarter Ended |  | Two Quarters Ended
| June 30, 2024 |  | June 25, 2023 |  | June 30, 2024 |  | June 25, 2023
Shares subject to market performance conditions | 2,109 |  |  | 1,807 |  |  | 2,109 |  |  | 1,807 |
Shares that were antidilutive | 1,331 |  |  | 22 |  |  | 480 |  |  | 14 |
Total shares excluded from diluted net income per share | 3,440 |  |  | 1,829 |  |  | 2,589 |  |  | 1,821 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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