Earnings per Share ("EPS")

6 Months Ended

Mar. 31, 2024

Earnings per Share (“EPS”)

Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding, less unvested restricted stock for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding and dilutive potential common shares for the period. Potential common shares include the weighted-average dilutive effects of outstanding stock options and unvested restricted stock using the treasury stock method.

The following table presents the number of weighted-average shares used to compute basic and diluted EPS (in thousands, except per share data):


	Three Months Ended				Six Months Ended
	March 31, 2024		April 2, 2023		March 31, 2024		April 2, 2023

Net income attributable to Tetra Tech	$	76,446	$	42,830	$	151,418	$	159,536

Weighted-average common shares outstanding – basic	53,484		53,227		53,419		53,165
Effect of dilutive stock options and unvested restricted stock	391		400		406		430
Weighted-average common shares outstanding – diluted	53,875		53,627		53,825		53,595

Earnings per share attributable to Tetra Tech:
Basic	$	1.43	$	0.80	$	2.83	$	3.00
Diluted	$	1.42	$	0.80	$	2.81	$	2.98

For the second quarters and first halves of fiscal 2024 and 2023, no options were excluded from the calculation of dilutive potential common shares. The Convertible Senior Notes (the "Convertible Notes") described in Note 15, "Long-Term Debt", had no impact on the calculation of dilutive potential common shares in the second quarter and first half of fiscal 2024, as the price of our common stock did not exceed the conversion price. The Capped Call Transactions were excluded from the calculation of dilutive potential common shares as their effect is anti-dilutive.