Earnings Per Share

12 Months Ended

Mar. 26, 2023

Note 15. Earnings Per Share

The Company presents the computation of earnings per share (“EPS”) on a basic and diluted basis. Basic EPS is computed by dividing net income by the weighted average number of shares outstanding during the reported period. Diluted earnings per share are computed similarly to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential additional common shares that were dilutive had been issued. Shares of common stock are excluded from the calculation if they are determined to be anti-dilutive. In all fiscal years presented, the Company had a net loss from continuing operations and accordingly presented EPS by using only basic shares outstanding.

The following table presents the calculation of basic and diluted earnings per common share from continuing operations:


	Fiscal Year
Amounts in thousands, except per share amounts	2023		2022		2021
Earnings per share from continuing operations – Basic:
Net loss	$	(4,347)	$	(3,312)	$	(14,373)
Less: Distributed and undistributed earnings allocated to nonvested stock		—		—		—
Earnings available (loss attributable) to common shareholders – Basic	$	(4,347)	$	(3,312)	$	(14,373)

Weighted average common shares outstanding – Basic		9,161		8,928		8,697

Earnings (loss) per common share from continuing operations – Basic	$	(0.47)	$	(0.37)	$	(1.65)

Earnings per share – Diluted:
Net income (loss)	$	(4,347)	$	(3,312)	$	(14,373)
Less: Distributed and undistributed earnings allocated to nonvested stock		—		—		—
Earnings available (loss attributable) to common shareholders – Diluted	$	(4,347)	$	(3,312)	$	(14,373)

Weighted average common shares outstanding – Basic		9,161		8,928		8,697
Effect of dilutive options		—		—		—
Weighted average common shares outstanding – Diluted		9,161		8,928		8,697

Earnings (loss) per common share from continuing operations – Diluted	$	(0.47)	$	(0.37)	$	(1.65)

Anti-dilutive equity awards not included above		565		813		755

As of March 26, 2023, March 27, 2022 and March 28, 2021, stock options with respect to 659,500, 933,000 and 925,000 shares of common stock were outstanding, respectively. The anti-dilutive stock options outstanding at March 26, 2023, March 27, 2022 and March 28, 2021 total 564,500, 813,000 and 755,000, respectively. There were no anti-dilutive Performance Stock Units (“PSUs”) or Restricted Stock Units (“RSUs”) outstanding as of March 26, 2023, March 27, 2022, and March 28, 2021.

TESSCO TECHNOLOGIES INC 10-K