Basic EPS is computed based upon the weighted average number of common shares outstanding for the period. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the period. BNED includes participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing income (loss) per share is an allocation method that calculates income (loss) per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.

On June 10, 2024, BNED completed the Transactions, including a Rights Offering, Private Investment, Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage our Consolidated Balance Sheet. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted income (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.

On June 11, 2024, BNED completed the Reverse Stock Split, which was approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the common stock issued and outstanding were converted into one share of the Company’s common stock.


	52 weeks ended		53 weeks ended
(in thousands except share and per share data)	May 2, 2026		May 3, 2025
Numerator for basic and diluted income (loss) per share:




Net Income (loss) available to common shareholders	$	16,872	$	(65,825)







Denominator for basic income (loss) per share:
Basic weighted average shares of Common Stock	34,330,274		26,298,984

Denominator for diluted income (loss) per share:
Basic weighted average shares of Common Stock	34,330,274		26,298,984
Average dilutive restricted share units	17,488		—
Average dilutive performance share units	266,393		—
Basic and diluted weighted average shares of Common Stock(a)	34,614,155		26,298,984

Income (loss) per Common Share:
Net income (loss) per share - Basic	$	0.49	$	(2.50)
Net income (loss) per share - Diluted	$	0.49	$	(2.50)

(a)During Fiscal 2026 and Fiscal 2025, 201,949 and 407,763, respectively, were excluded from the diluted income (loss) per share calculation using the two-class method as their inclusion would have been antidilutive.