Equity and Earnings Per Share (Notes)

9 Months Ended

Jan. 28, 2023

Note 5. Equity and Earnings Per Share

Equity

Share Repurchases

During the 39 weeks ended January 28, 2023, we did not repurchase shares of our Common Stock under the stock repurchase program and as of January 28, 2023, approximately $26,669 remains available under the stock repurchase program.

During the 39 weeks ended January 28, 2023, we repurchased 347,808 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 January 28, 2023 and January 29, 2022, average shares of 4,677,926 and 4,233,063 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 39 weeks ended January 28, 2023 and January 29, 2022, average shares of 4,824,844 and 3,295,417 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 ended				39 weeks ended
(shares in thousands)	January 28, 2023		January 29, 2022		January 28, 2023		January 29, 2022
Numerator for basic and diluted earnings per share:


Net loss available to common shareholders	$	(25,049)	$	(36,801)	$	(55,612)	$	(57,901)







Denominator for basic and diluted earnings per share:
Basic and diluted weighted average shares of Common Stock	52,602		52,003		52,404		51,714










Loss per share of Common Stock:
Basic	$	(0.48)	$	(0.71)	$	(1.06)	$	(1.12)
Diluted	$	(0.48)	$	(0.71)	$	(1.06)	$	(1.12)