
	Three months ended		Nine months ended
(Thousands of Dollars and Shares, Except Per Share Data)	June 28, 2026	June 29, 2025	June 28, 2026	June 29, 2025

Net earnings (loss) attributable to Lee Enterprises, Incorporated:	4,675	(1,920)	(3,085)	(31,179)
Weighted average common shares	22,248	6,232	14,107	6,214
Less weighted average restricted common shares	(16)	(120)	(67)	(171)
Basic average common shares	22,232	6,112	14,040	6,043
Dilutive restricted common shares	54	—	—	—
Diluted average common shares	22,285	6,112	14,040	6,043
Net earnings (loss) per common share:
Basic	0.21	(0.31)	(0.22)	(5.16)
Diluted	0.21	(0.31)	(0.22)	(5.16)

For the three months ended June 28, 2026, 51,000 shares were excluded from the computation of diluted earnings per common share because their effect would have been antidilutive. No shares were considered in the computation of diluted earnings per common share for the three month period ended June 29, 2025 and nine month periods ended June 28, 2026 and June 29, 2025 because we recorded net losses in those periods. The increase in weighted common shares is due to shares issued for the Private Placement on February 5, 2026 described in Note 3.

On March 28, 2024, our Board of Directors adopted a stockholder rights plan (the “Rights Agreement”). Pursuant to the Rights Agreement, on March 28, 2024, our Board of Directors declared a dividend of one preferred share purchase right (a “Right”), payable on April 8, 2024, for each share of our Common Stock outstanding to the stockholders of record on that date. Each Right entitled the registered holder to purchase from the Company one one-thousandth of a share of Series C Participating Convertible Preferred Stock, without par value (the “Preferred Shares”), of the Company at a price of $90.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. On February 4, 2026, in connection with the closing of the Private Placement, the Board of Directors amended the termination date of the Rights Agreement to February 4, 2026 causing each Right to expire and to be extinguished and for the Rights Agreement to be terminated. See Note 3 for additional information related to the Private Placement.