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EARNINGS PER SHARE | 6 Months Ended
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Jun. 29, 2025
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 29, 2025 and June 30, 2024 are as follows (in thousands):
| Quarter Ended |  | Two Quarters Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
Net income | $ | 10,043 |  |  | $ | 8,530 |  |  | $ | 14,033 |  |  | $ | 13,874 |
Net income attributable to non-controlling interests | 1,339 |  |  | 2,060 |  |  | 2,016 |  |  | 2,842 |
Net income attributable to Portillo's Inc. | $ | 8,704 |  |  | $ | 6,470 |  |  | $ | 12,017 |  |  | $ | 11,032 |
Shares: |  |  |  |  |  |  |
Weighted-average number of common shares outstanding-basic | 67,595 |  |  | 61,650 |  |  | 65,717 |  |  | 59,544 |
Dilutive share awards | 2,273 |  |  | 2,959 |  |  | 2,458 |  |  | 3,034 |
Weighted-average number of common shares outstanding-diluted | 69,868 |  |  | 64,609 |  |  | 68,175 |  |  | 62,578 |
Basic net income per share | $ | 0.13 |  |  | $ | 0.10 |  |  | $ | 0.18 |  |  | $ | 0.19 |
Diluted net income per share | $ | 0.12 |  |  | $ | 0.10 |  |  | $ | 0.18 |  |  | $ | 0.18 |
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 or subject to performance conditions which have not been satisfied by the end of the reporting period (in thousands):
| Quarter Ended |  | Two Quarters Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
Performance Stock Options | 1,377 |  |  | 2,109 |  |  | 1,377 |  |  | 2,109 |
Performance Stock Units | 592 |  |  | 296 |  |  | 592 |  |  | — |
Restricted Stock Units | 606 |  |  | 714 |  |  | — |  |  | 159 |
Stock Options | 619 |  |  | 321 |  |  | 619 |  |  | 321 |
Total shares excluded from diluted net income per share | 3,194 |  |  | 3,440 |  |  | 2,588 |  |  | 2,589 |

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