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EARNINGS PER SHARE
 6 Months Ended
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 EndedTwo Quarters Ended
June 29, 2025June 30, 2024June 29, 2025June 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-basic67,595 61,650 65,717 59,544 
Dilutive share awards2,273 2,959 2,458 3,034 
Weighted-average number of common shares outstanding-diluted69,868 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 EndedTwo Quarters Ended
June 29, 2025June 30, 2024June 29, 2025June 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 share3,194 3,440 2,588 2,589