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Loss per Share
 6 Months Ended
Nov. 02, 2024
Earnings Per Share [Abstract]  
Loss per Share

Note 10. Loss per Share

Basic loss per share is calculated by dividing net loss 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 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 per share:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

 

 

(14 Weeks)

 

 

(13 Weeks)

 

 

(27 Weeks)

 

 

(26 Weeks)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (in millions)

 

$

(1.6

)

 

$

(55.3

)

 

$

(19.9

)

 

$

(54.4

)

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic loss per share - weighted average shares outstanding and vested/unissued restricted stock units

 

 

35,494,664

 

 

 

35,671,677

 

 

 

35,460,586

 

 

 

35,679,776

 

Dilutive potential common shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Denominator for diluted loss per share

 

 

35,494,664

 

 

 

35,671,677

 

 

 

35,460,586

 

 

 

35,679,776

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.05

)

 

$

(1.55

)

 

$

(0.56

)

 

$

(1.52

)

Diluted

 

$

(0.05

)

 

$

(1.55

)

 

$

(0.56

)

 

$

(1.52

)

 

 

 

 

 

 

 

 

 

 

 

 

Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding

 

 

1,220,031

 

 

 

1,543,183

 

 

 

1,112,511

 

 

 

1,536,206

 

In the three and six months ended November 2, 2024 and October 28, 2023, 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 231,000 and 584,000 common shares for the three months ended November 2, 2024 and October 28, 2023, respectively. 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 150,000 and 589,000 common shares for the six months ended November 2, 2024 and October 28, 2023, respectively.