Basic net earnings per share of Class A common stock is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of Class A common stock outstanding.

Diluted net earnings per share is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of dilutive securities, using the treasury stock method.

The computations of basic and diluted earnings per share for the quarters ended March 30, 2025 and March 31, 2024 are as follows (in thousands):


	Quarter Ended
		March 30, 2025		March 31, 2024
Net income		$	3,990	$	5,344
Net income attributable to non-controlling interests		677		782
Net income attributable to Portillo's Inc.		$	3,313	$	4,562

Shares:
Weighted-average number of common shares outstanding-basic		63,838		57,438
Dilutive share awards		2,631		3,056
Weighted-average number of common shares outstanding-diluted		66,468		60,494

Basic net income per share		$	0.05	$	0.08
Diluted net income per share		$	0.05	$	0.08

Shares of the Company’s Class B Common Stock do not participate in the earnings or losses of Portillo's Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B Common Stock under the two-class method has not been presented.

The following shares were excluded from the calculation of diluted earnings per share because they would be antidilutive (in thousands):


	Quarter Ended
		March 30, 2025	March 31, 2024
Performance Stock Options (1)		1,377	1,748
Performance Stock Units (1)		291	—
Restricted Stock Units		3	26
Stock Options		311	12
Total shares excluded from diluted net income per share		1,982	1,786