Basic earnings per share of Class A common stock is computed by dividing Net income attributable to Shake Shack Inc. by the weighted average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing Net income attributable to Shake Shack Inc. by the weighted average number of shares of Class A common stock outstanding, adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (in thousands, except per share amounts):


			Thirteen Weeks Ended				Twenty-Six Weeks Ended
			July 1 2026		June 25 2025		July 1 2026		June 25 2025
Numerator:
	Net income attributable to Shake Shack Inc.—basic		$	15,680	$	17,148	$	15,390	$	21,393

	Net income attributable to Shake Shack Inc.—diluted		$	15,680	$	17,148	$	15,390	$	21,393
Denominator:
	Weighted average shares of Class A common stock outstanding—basic		40,358		40,226		40,323		40,173
	Effect of dilutive securities:
		Stock options	1		2		1		3
		Performance stock units	6		23		15		53
		Restricted stock units	34		101		67		146
		Convertible Notes	1,467		1,467		1,467		1,467


	Weighted average shares of Class A common stock outstanding—diluted		41,866		41,819		41,873		41,842

Earnings per share of Class A common stock—basic			$	0.39	$	0.43	$	0.38	$	0.53
Earnings per share of Class A common stock—diluted			$	0.37	$	0.41	$	0.37	$	0.51

The effect of potential share settlement of the Convertible Notes outstanding for the period is included as potentially dilutive shares of Class A common stock under application of the if-converted method in the computation of diluted earnings per share, except when the effect would be anti-dilutive. Refer to Note 6, Debt, for additional information.

Shares of Class B common stock do not share in the earnings or losses of Shake Shack 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. However, shares of Class B common stock outstanding for the period are considered potentially dilutive shares of Class A common stock under application of the if-converted method and are included in the computation of diluted earnings per share, except when the effect would be anti-dilutive.


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	July 1 2026		June 25 2025		July 1 2026		June 25 2025

Performance stock units	225,832	(1)	120,892	(1)	225,832	(1)	120,892	(1)

Shares of Class B common stock	2,425,789	(2)	2,439,789	(2)	2,425,789	(2)	2,439,789	(2)

(1)Number of securities outstanding at the end of the period that were excluded from the computation of diluted earnings per share of Class A common stock because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.

(2)Number of securities outstanding at the end of the period that were excluded from the computation of diluted earnings per share of Class A common stock because the effect would have been anti-dilutive.