Astronics Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 29, 2025

The following table sets forth the computation of basic earnings per share:


	Three months ended
(In thousands, except per share amounts)		March 29, 2025		March 30, 2024
Basic Earnings per Common Share:
Net Income (Loss) - Basic		$	9,528	$	(3,178)
Weighted Average Shares - Basic		35,285		34,863
Basic Earnings per Common Share		$	0.27	$	(0.09)

The following table sets forth the computation of diluted net income (loss) per share:


	Three months ended
(In thousands, except per share amounts)		March 29, 2025		March 30, 2024
Diluted earnings per common share:
Net Income (Loss) - Basic		$	9,528	$	(3,178)
Convertible Notes Interest Expense, Net of Tax		1,792		—
Net Income (Loss) - Diluted		$	11,320	$	(3,178)

Weighted Average Shares - Basic		35,285		34,863
Net Effect of Dilutive Stock Awards		464		—
Net Effect of Dilutive Convertible Notes		7,208		—
Weighted Average Shares - Diluted		42,957		34,863

Diluted Net Income (Loss) Per Share		$	0.26	$	(0.09)

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 includes the dilutive effect of shares issuable upon conversion of its Convertible Notes in the calculation of diluted income per share using the if-converted method. The Company has the option for the Convertible Notes to settle the conversion value in any combination of cash or shares, and as such, the maximum number of shares issuable are included in the dilutive share count if the effect would be dilutive. The Company incurred a net loss for the three months ended March 30, 2024, therefore all outstanding stock options and unvested restricted stock units were excluded from the computation of diluted loss per share because the effect of their inclusion would be anti-dilutive. The number of common shares excluded from the computation was approximately 471,000 shares as of March 29, 2025 and 1,043,000 shares as of March 30, 2024.