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Equity and Earnings Per Share (Notes)
 6 Months Ended
Oct. 29, 2022
Net Earnings (Loss) Per Share
Note 5. Equity and Earnings Per Share
Equity
Share Repurchases
During the 26 weeks ended October 29, 2022, we did not repurchase shares of our Common Stock under the stock repurchase program and as of October 29, 2022, approximately $26,669 remains available under the stock repurchase program.
During the 26 weeks ended October 29, 2022, we repurchased 344,587 shares of our Common Stock outside of the stock repurchase program in connection with employee tax withholding obligations for vested stock awards.
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
During the 13 weeks ended October 29, 2022 and October 30, 2021, average shares of 3,153,516 and 523,447 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 26 weeks ended October 29, 2022 and October 30, 2021, average shares of 4,898,303 and 3,771,594 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively.
The following is a reconciliation of the basic and diluted earnings per share calculation:
13 weeks ended26 weeks ended
(shares in thousands)October 29, 2022October 30, 2021October 29, 2022October 30, 2021
Numerator for basic earnings per share:
Net income (loss) available to common shareholders$22,144 $22,528 $(30,563)$(21,100)
Less allocation of earnings to participating securities(11)(64)— — 
Net income (loss) available to common shareholders$22,133 $22,464 $(30,563)$(21,100)
Numerator for diluted earnings per share:
Net income (loss) available to common shareholders$22,133 $22,464 $(30,563)$(21,100)
Allocation of earnings to participating securities11 64 — — 
Less diluted allocation of earnings to participating securities(11)(61)— — 
Net income (loss) available to common shareholders$22,133 $22,467 $(30,563)$(21,100)
Denominator for basic earnings per share:
Basic weighted average shares of Common Stock52,438 51,666 52,305 51,570 
Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock52,438 51,666 52,305 51,570 
Average dilutive restricted stock units141 611 — — 
Average dilutive performance shares— — — — 
Average dilutive restricted shares10 126 — — 
Average dilutive performance share units— 255 — — 
Average dilutive stock options606 1,910 — — 
Diluted weighted average shares of Common Stock 53,195 54,568 52,305 51,570 
Earnings (Loss) per share of Common Stock:
Basic$0.42 $0.43 $(0.58)$(0.41)
Diluted$0.42 $0.41 $(0.58)$(0.41)