(Loss) Income per Share

3 Months Ended

Jul. 27, 2024

Earnings Per Share [Abstract]

(Loss) Income per Share

Note 10. (Loss) Income per Share

Basic (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding for the applicable period, but excludes any contingently issued shares where the contingency has not been resolved. The weighted average number of common shares used in the diluted (loss) income per share calculation is determined using the treasury stock method which includes the effect of all potential dilutive common shares outstanding during the period.

The following table sets forth the computation of basic and diluted (loss) income per share:

	Three Months Ended
	July 27, 2024			July 29, 2023
Numerator:
Net (loss) income (in millions)	$	(18.3	)	$	0.9
Denominator:
Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units		35,423,886			35,687,876
Dilutive potential common shares		—			593,531
Denominator for diluted income per share		35,423,886			36,281,407
(Loss) income per share:
Basic	$	(0.52	)	$	0.03
Diluted	$	(0.52	)	$	0.02
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding		1,004,990			935,698

In the three months ended July 27, 2024, all potential common shares issuable for PSUs and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for PSUs and RSUs on the weighted-average number of common shares outstanding would have been approximately 69,046 common shares for the three months ended July 27, 2024.