Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Except when the effect would be anti-dilutive, diluted earnings (loss) per share is calculated based on the weighted average number of shares of common stock outstanding plus the dilutive effect of share-based awards calculated under the treasury stock method.

The following is a reconciliation of weighted average basic shares to weighted average diluted shares outstanding:

	Fiscal Year
	2020		2019
Weighted-average shares—basic		11,769,689		11,665,541
Effect of dilutive equity securities		—		263,758
Weighted-average shares—diluted		11,769,689		11,929,299

Because the Company incurred a net loss for the fiscal year ended January 30, 2021, weighted-average basic shares and weighted-average diluted shares outstanding are equal for the period.

For the fiscal years ended January 30, 2021 and February 1, 2020, 314,938 and 16,408 weighted average shares of share-based compensation, respectively, were excluded from the computation of weighted average shares for diluted earnings per share, as their effect would have been anti-dilutive.