Equity and Earnings Per Share (Notes)

6 Months Ended

Oct. 28, 2023

Note 5. Equity and Earnings Per Share

Equity

Share Repurchases

During the 13 and 26 weeks ended October 28, 2023, we did not repurchase shares of our Common Stock under the stock repurchase program and as of October 28, 2023, approximately $26,669 remains available under the stock repurchase program.

During the 13 and 26 weeks ended October 28, 2023, we repurchased 66,852 and 144,750 shares of our Common Stock, respectively, 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 28, 2023 and October 29, 2022, average shares of 3,149,756 and 3,153,516 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 26 weeks ended October 28, 2023 and October 29, 2022, average shares of 3,453,892 and 4,898,303 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				26 weeks ended
(shares in thousands)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Numerator for basic earnings per share:
Net income (loss) from continuing operations	$	24,854	$	24,168	$	(25,117)	$	(26,154)
Less allocation of earnings to participating securities	(3)		(11)		—		—
Net income (loss) from continuing operations available to common shareholders	$	24,851	$	24,157	$	(25,117)	$	(26,154)
Loss from discontinued operations, net of tax	(674)		(2,024)		(1,091)		(4,409)
Net income (loss) available to common shareholders	$	24,177	$	22,133	$	(26,208)	$	(30,563)

Numerator for diluted earnings per share:
Net income (loss) from continuing operations	$	24,851	$	24,157	$	(25,117)	$	(26,154)
Allocation of earnings to participating securities	3		11		—		—
Less diluted allocation of earnings to participating securities	(3)		(11)		—		—
Net income (loss) from continuing operations available to common shareholders	$	24,851	$	24,157	$	(25,117)	$	(26,154)
Loss from discontinued operations, net of tax	(674)		(2,024)		(1,091)		(4,409)
Net income (loss) available to common shareholders	$	24,177	$	22,133	$	(26,208)	$	(30,563)

Denominator for basic earnings per share:
Basic weighted average shares of Common Stock	52,791		52,438		52,716		52,305

Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock	52,791		52,438		52,716		52,305
Average dilutive restricted stock units	74		141		—		—

Average dilutive restricted shares	5		10		—		—

Average dilutive stock options	—		606		—		—
Diluted weighted average shares of Common Stock	52,870		53,195		52,716		52,305

Earnings (Loss) per share of Common Stock:
Basic
Continuing operations	$	0.47	$	0.46	$	(0.48)	$	(0.50)
Discontinuing operations	(0.01)		(0.04)		(0.02)		(0.08)
Total Basic Earnings per share	$	0.46	$	0.42	$	(0.50)	$	(0.58)

Diluted
Continuing operations	$	0.47	$	0.46	$	(0.48)	$	(0.50)
Discontinuing operations	(0.01)		(0.04)		(0.02)		(0.08)
Total Diluted Earnings per share	$	0.46	$	0.42	$	(0.50)	$	(0.58)