We have authorized 17,000,000 shares of common stock and 3,000,000 shares of Class B common stock. The Class B common stock has 10 votes per share and has transferability restrictions; however, Class B common stock may be converted into common stock on a share-for-share basis at any time. With respect to dividends and distributions, shares of common stock and Class B common stock rank equally and have the same rights, except that Class B common stock cash dividends are limited to 90% of the amount of common stock cash dividends.

Our Class B common stock is considered a participating security requiring the use of the two-class method for the computation of basic and diluted earnings per share. The two-class computation method for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed (loss) earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Basic and diluted earnings per share were computed using the two-class method. The shares of Class B common stock are considered to be participating convertible securities since the shares of Class B common stock are convertible on a share-for-share basis into shares of common stock and may participate in dividends with common stock according to a predetermined formula which is 90% of the amount of common stock cash dividends.

The earnings per share (“EPS”) presented in our unaudited consolidated statements of comprehensive (loss) income were based on the following amounts (in thousands, except per share amounts):


	Three Months Ended
	December 2, 2023						November 26, 2022
	Basic			Diluted			Basic		Diluted
Numerator for Basic and Diluted EPS:
Net (loss) income	$	(1,797	)	$	(1,797	)	$	5,549	$	5,549
Less dividends:
Common stock		734			734			719		719
Class B common stock		111			111			112		112
Undistributed (loss) earnings	$	(2,642	)	$	(2,642	)	$	4,718	$	4,718

Common stock undistributed (loss) earnings	$	(2,295	)	$	(2,295	)	$	4,085	$	4,112
Class B common stock undistributed (loss) earnings		(347	)		(347	)		633		606
Total undistributed (loss) earnings	$	(2,642	)	$	(2,642	)	$	4,718	$	4,718

Denominator for Basic and Diluted EPS:
Common stock weighted average shares		12,226			12,226			11,918		11,918
Effect of dilutive securities
Dilutive stock options					—					617
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion					12,226					12,535
Class B common stock weighted average shares and shares under if-converted method for diluted EPS		2,052			2,052			2,053		2,053

Net (loss) income per share:
Common stock	$	(0.13	)	$	(0.13	)	$	0.40	$	0.39

Class B common stock	$	(0.12	)	$	(0.12	)	$	0.36	$	0.35

Note: There were 221 common stock options that were antidilutive and not included in the diluted earnings per share for the second quarter of fiscal 2024. There were no common stock options that were antidilutive in the second quarter of fiscal 2023.


	Six Months Ended
	December 2, 2023						November 26, 2022
	Basic			Diluted			Basic		Diluted
Numerator for Basic and Diluted EPS:
Net (loss) income	$	(570	)	$	(570	)	$	11,873	$	11,873
Less dividends:
Common stock		1,466			1,466			1,428		1,428
Class B common stock		222			222			222		222
Undistributed (loss) earnings	$	(2,258	)	$	(2,258	)	$	10,223	$	10,223

Common stock undistributed (loss) earnings	$	(1,961	)	$	(1,961	)	$	8,841	$	8,901
Class B common stock undistributed (loss) earnings		(297	)		(297	)		1,382		1,322
Total undistributed (loss) earnings	$	(2,258	)	$	(2,258	)	$	10,223	$	10,223

Denominator for Basic and Diluted EPS:
Common stock weighted average shares		12,198			12,198			11,816		11,816
Effect of dilutive securities
Dilutive stock options					—					626
Denominator for diluted EPS adjusted for weighted average shares and assumed conversion					12,198					12,442
Class B common stock weighted average shares and shares under if-converted method for diluted EPS		2,052			2,052			2,053		2,053

Net (loss) income per share:
Common stock	$	(0.04	)	$	(0.04	)	$	0.87	$	0.83

Class B common stock	$	(0.04	)	$	(0.04	)	$	0.78	$	0.75

Note: There were 297 common stock options that were antidilutive and not included in the diluted earnings per share for the first six months of fiscal 2024. There were no common stock options that were antidilutive in the first six months of fiscal 2023.