Basic earnings (loss) per share is based on net income (loss) attributable to Designer Brands Inc. and the weighted average of Class A and Class B common shares outstanding. Diluted earnings per share reflects the potential dilution of common shares adjusted for outstanding stock-based compensation awards calculated using the treasury stock method. The dilutive effect of outstanding stock-based compensation awards is applicable only in periods when we have net income attributable to Designer Brands Inc.

The following is a reconciliation between basic and diluted weighted average shares outstanding, as used in the calculation of earnings (loss) per share attributable to Designer Brands Inc., and the anti-dilutive shares excluded from the calculation of diluted earnings (loss) per share attributable to Designer Brands Inc.:


	Three months ended		Six months ended
(in thousands)	August 1, 2026	August 2, 2025	August 1, 2026	August 2, 2025
Weighted average basic shares outstanding	50,894	49,109	50,567	48,678
Dilutive effect of stock-based compensation awards	5,080	625	5,190	—
Weighted average diluted shares outstanding	55,974	49,734	55,757	48,678
Anti-dilutive shares	1,995	8,768	1,015	7,543