EARNINGS PER SHARE

9 Months Ended

Jun. 26, 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				Nine months ended
(in thousands, except per share data)	June 26, 2026		June 27, 2025		June 26, 2026		June 27, 2025
Numerator:
Net income (loss)	$	745	$	42,962	$	(108,295)	$	39,243
Less: Undistributed earnings allocated to participating securities	—		625		—		100
Net income (loss) available to common shareholders	$	745	$	42,337	$	(108,295)	$	39,143

Denominator:
Basic weighted average common shares outstanding	33,768		33,653		33,746		34,167
Effect of dilutive securities: Non-participating employee stock options (1)	215		200		204		224
Diluted weighted average common shares outstanding	33,983		33,853		33,950		34,391
Basic earnings (loss) per share	$	0.02	$	1.26	$	(3.23)	$	1.15
Diluted earnings (loss) per share	$	0.02	$	1.25	$	(3.19)	$	1.14


(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 nine months ended June 26, 2026 and June 27, 2025.