Earnings Per Share

9 Months Ended

Sep. 27, 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 3.4 million and 4.3 million employee stock options for the three and nine months ended September 27, 2024 and September 29, 2023, respectively, and 2.4 million restricted stock units for the three and nine months ended September 27, 2024 were excluded from the calculation of diluted earnings per share as they are antidilutive to the EPS calculation.

The computation of basic and diluted EPS is as follows:


	Three Months Ended					Nine Months Ended
(In thousands, except per share data)	September 27, 2024			September 29, 2023		September 27, 2024			September 29, 2023
Numerator:
Net (loss) income attributable to Shimmick Corporation	$	(1,564	)	$	34,567	$	(86,286	)	$	14,930
Numerator for basic and diluted EPS	$	(1,564	)	$	34,567	$	(86,286	)	$	14,930

Denominator:
Denominator for basic EPS - weighted average shares		33,723			21,914		29,127			21,910
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		33,723			21,914		29,127			21,910
Basic earnings per common share	$	(0.05	)	$	1.58	$	(2.96	)	$	0.68
Diluted earnings per common share	$	(0.05	)	$	1.58	$	(2.96	)	$	0.68