EARNINGS PER SHARE

6 Months Ended

Mar. 27, 2026

9. EARNINGS PER SHARE

The Company calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating securities as if all of the net earnings for the period had been distributed. The Company’s participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common stockholders.

Basic earnings per common share excludes dilution and is calculated by dividing the net earnings allocated to common stock by the weighted-average number of common stock outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common stock by the weighted-average number of shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards.

The following tables set forth the computation of basic and diluted earnings per share:


	Three months ended				Six months ended
(in thousands, except per share data)	March 27, 2026		March 28, 2025		March 27, 2026		March 28, 2025
Numerator:
Net income (loss)	$	(124,073)	$	(50,057)	$	(109,039)	$	(3,720)
Less: Undistributed earnings allocated to participating securities	—		—		—		—
Net income (loss) available to common shareholders	$	(124,073)	$	(50,057)	$	(109,039)	$	(3,720)

Denominator:
Basic weighted average common shares outstanding	33,761		34,074		33,734		34,428
Effect of dilutive securities: Non-participating employee stock options (1)	198		216		199		232
Diluted weighted average common shares outstanding	33,959		34,290		33,933		34,660
Basic earnings (loss) per share	$	(3.68)	$	(1.47)	$	(3.25)	$	(0.11)
Diluted earnings (loss) per share	$	(3.65)	$	(1.46)	$	(3.21)	$	(0.11)


(1) Stock options to purchase shares of common stock that would have been anti-dilutive are not included in the calculation. There were no anti-dilutive options outstanding during the three and six months ended March 27, 2026 and March 28, 2025.