Astronics Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

LOSS PER SHARE

LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

Loss per share computations are based upon the following table:


(In thousands, except per share data)	2023		2022		2021
Net Loss	$	(26,421)	$	(35,747)	$	(25,578)
Basic Earnings Weighted Average Shares	33,104		32,164		31,061
Net Effect of Dilutive Stock Options	—		—		—
Diluted Earnings Weighted Average Shares	33,104		32,164		31,061
Basic Loss Per Share	$	(0.80)	$	(1.11)	$	(0.82)
Diluted Loss Per Share	$	(0.80)	$	(1.11)	$	(0.82)

Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The Company incurred a net loss for the years ended December 31, 2023, 2022, and 2021, therefore all outstanding stock options and unvested restricted stock units are excluded from the computation of diluted loss per share because the effect of their inclusion would be antidilutive. The number of common shares excluded from the computation was approximately 0.8 million shares for the year ended December 31, 2023, 1.4 million shares for the year ended December 31, 2022, and 1.4 million shares for the year ended December 31, 2021.

The Company has funded substantially all of its 2022 and 2023 401K contributions, and will fund the remaining 2023 401K contributions outstanding with treasury stock in lieu of cash. The earnings per share computations for the years ended December 31, 2023 and 2022 are each inclusive of approximately 0.1 million in shares outstanding for the equivalent shares needed to fulfill the respective period’s 401K obligation using the closing share price as of December 31, 2023 and 2022. Actual shares issued may differ based on the share price on the settlement date.