Earnings Per Share

3 Months Ended

Apr. 29, 2023

Earnings per share is computed under the provisions of ASC 260, Earnings Per Share. Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential shares of common stock (i.e., in-the-money outstanding stock options as well as RSAs) outstanding during the period using the treasury stock method, whereby proceeds from such exercise, unamortized compensation and hypothetical excess tax benefits, if any, on share-based awards are assumed to be used by us to purchase shares of common stock at the average market price during the period.

The components of basic and diluted (loss) earnings per share were as follows (in thousands, except per share amounts):


	Thirteen Weeks Ended
	April 29, 2023		April 30, 2022
Net (loss) income	$	(11,968)	$	813
Weighted average basic shares outstanding	29,798		30,762
Dilutive effect of in-the-money stock options and RSAs	—		284
Weighted average shares for diluted earnings per share	29,798		31,046
Basic (loss) earnings per share of Class A and Class B common stock	$	(0.40)	$	0.03
Diluted (loss) earnings per share of Class A and Class B common stock	$	(0.40)	$	0.03

The following stock options have been excluded from the calculation of diluted (loss) earnings per share as the effect of including these stock options would have been anti-dilutive (in thousands):

Thirteen Weeks Ended

April 29,
2023

April 30,
2022

Stock options

—

1,445