Earnings Per Share

6 Months Ended

Jun. 28, 2024

Note 9. Earnings Per Share

Basic earnings per share (“EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of employee and director stock options and restricted stock units. Stock options are considered dilutive whenever the exercise price is less than the average market price of the stock during the period and antidilutive whenever the exercise price exceeds the average market price of the common stock during the period. All 3.5 million and 4.5 million employee stock options were excluded from the calculation of diluted earnings per share for the three and six months ended June 28, 2024 and June 30, 2023, respectively, as they are antidilutive to the EPS calculation.

The computation of basic and diluted EPS is as follows:


	Three Months Ended						Six Months Ended
(In thousands, except per share data)	June 28, 2024			June 30, 2023			June 28, 2024			June 30, 2023
Numerator:
Net loss attributable to Shimmick Corporation	$	(51,389	)	$	(10,300	)	$	(84,722	)	$	(19,637	)
Numerator for basic and diluted EPS	$	(51,389	)	$	(10,300	)	$	(84,722	)	$	(19,637	)

Denominator:
Denominator for basic EPS - weighted average shares		28,086			21,909			26,817			21,909
Effect of dilutive securities:
Employee stock options		—			—			—			—
Restricted stock units		—			—			—			—
Dilutive potential common shares		—			—			—			—
Denominator for diluted EPS - adjusted weighted average shares and assumed conversions		28,086			21,909			26,817			21,909
Basic earnings per common share	$	(1.83	)	$	(0.47	)	$	(3.16	)	$	(0.90	)
Diluted earnings per common share	$	(1.83	)	$	(0.47	)	$	(3.16	)	$	(0.90	)