Basic earnings per share of Class A common stock is computed by dividing net income (loss) attributable to common shareholders 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 (loss) attributable to common shareholders adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive elements. Since the Company incurred net loss for the three and nine months ended June 28, 2025, diluted weighted-average shares outstanding and diluted net loss per share were the same as basic weighted-average shares outstanding and basic net loss per share.

The following table sets forth the calculation for both basic and diluted earnings per share of Class A common stock (in thousands, except share and per share information):


	Three Months Ended				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Net income (loss)	$	55,000	$	(21,174)	$	77,787	$	(47,884)
Less: Net income (loss) attributable to the noncontrolling interest	43,327		(17,251)		61,543		(38,982)
Net income (loss) attributable to common stockholders	$	11,673	$	(3,923)	$	16,244	$	(8,902)

Weighted-average shares outstanding - Basic	128,076,383		109,201,745		123,029,814		107,664,864
Dilutive effect of restricted stock and warrant units	5,176,564		—		8,636,724		—
Weighted-average shares outstanding - Diluted	133,252,947		109,201,745		131,666,538		107,664,864
Earnings (loss) per share - Basic	$	0.09	$	(0.04)	$	0.13	$	(0.08)
Earnings (loss) per share - Diluted	$	0.09	$	(0.04)	$	0.12	$	(0.08)

The Company’s Class V-1 Common Stock and Class V-3 Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V-1 Common Stock and Class V-3 Common Stock under the two-class method has not been presented.

The Company uses the treasury stock method and the average market price per share during the period for calculating any potential dilutive effect of its equity instruments. The average stock price for the three months ended June 27, 2026 and June 28, 2025 was $51.18 and $25.89, respectively. The average stock price for the nine months ended June 27, 2026 and June 28, 2025 was $58.28 and $26.67, respectively.

Anti-dilutive shares were immaterial for the three months ended June 27, 2026. For the three months ended June 27, 2026, there were 3.0 million dilutive common stock equivalents related to the RSUs which were included in the diluted EPS calculation, and 2.1 million dilutive common stock equivalents related to the unvested Exol Warrant that were included in the diluted EPS calculation. For the nine months ended June 27, 2026, there were 5.3 million dilutive common stock equivalents related to the RSUs which were included in the diluted EPS calculation, and 3.2 million dilutive common stock equivalents related to the unvested Exol Warrant that were included in the diluted EPS calculation.

For the three months ended June 28, 2025, there were 4.3 million potentially dilutive common stock equivalents related to the RSUs which would have been included in the diluted EPS calculation and 7.1 million anti-dilutive common stock equivalents related to the unvested Exol Warrant that could potentially dilute EPS in the future. For the nine months ended June 28, 2025, there were 7.5 million potentially dilutive common stock equivalents related to the RSUs which would have been included in the diluted EPS calculation and 6.6 million anti-dilutive common stock equivalents related to the unvested Exol Warrant that could potentially dilute EPS in the future.