Earnings per Share

3 Months Ended

Apr. 26, 2026

The computation of basic and diluted earnings per share was as follows:


	Three Months Ended
(in thousands, except per share data)	April 26, 2026		April 27, 2025
Net income	$	26,563	$	19,345

Weighted-average shares outstanding–basic	92,905		86,441
Dilutive effect of share-based compensation	2,479		1,430
Dilutive effect of 2027 Notes	1,538		276
Dilutive effect of 2028 Notes	—		1,432
Dilutive effect of Warrants	1,106		—
Weighted-average shares outstanding–diluted	98,028		89,579

Earnings per share:
Basic	$	0.29	$	0.22
Diluted	$	0.27	$	0.22

Anti-dilutive shares not included in the above calculations:
Share-based compensation	—		391


Warrants	—		8,573
Total anti-dilutive shares	—		8,964

Basic earnings or loss per share is computed by dividing net income or loss available to common stockholders by the weighted-average number of shares of common stock outstanding during the reporting period. Diluted earnings or loss per share incorporates the incremental shares issuable, calculated using the treasury stock method, upon the assumed exercise of non-qualified stock options and the vesting of restricted stock units, market-condition restricted stock units and financial metric-based restricted stock units if certain conditions have been met, but excludes such incremental shares that would have an anti-dilutive effect.

Any dilutive effect of the 2027 Notes, 2028 Notes and 2030 Notes (as defined in Note 8, Long-Term Debt) is calculated using the if-converted method. For the three months ended April 26, 2026, the 2030 Notes were excluded from diluted shares outstanding because the conversion price exceeded the average market price of the Company's common stock for the reporting periods.

Any dilutive effect of the Warrants (as defined in Note 8, Long-Term Debt) is calculated using the treasury-stock method. For the three months ended April 27, 2025, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of the Company's common stock for the reporting periods.