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

Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

Earnings Per Share

9 Months Ended

Sep. 27, 2025

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


	Nine months ended				Three months ended
(In thousands, except per share amounts)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Basic Earnings per Common Share:
Net Loss - Basic	$	(256)	$	(13,383)	$	(11,098)	$	(11,738)
Weighted Average Shares - Basic	35,372		34,961		35,423		35,011
Basic Earnings per Common Share	$	(0.01)	$	(0.38)	$	(0.31)	$	(0.34)

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


	Nine months ended				Three months ended
(In thousands, except per share amounts)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Diluted Earnings per Common Share:


Net Loss - Diluted	$	(256)	$	(13,383)	$	(11,098)	$	(11,738)

Weighted Average Shares - Basic	35,372		34,961		35,423		35,011
Net Effect of Dilutive Stock Awards	—		—		—		—

Weighted Average Shares - Diluted	35,372		34,961		35,423		35,011

Diluted Earnings per Common Share	$	(0.01)	$	(0.38)	$	(0.31)	$	(0.34)

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 2030 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 excluded all impacts of the 2030 Convertible Notes from the computation of diluted earnings per share as the effect would be anti-dilutive. The Company will settle the principal amount of the 2031 Convertible Notes by paying cash and settle the premium in any combination of cash or shares. The Company’s average stock price for the three and nine months ended September 27, 2025 was below the conversion price for the 2031 Notes, therefore no incremental shares were included in diluted earnings per share.

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 three and nine months ended September 27, 2025 and September 28, 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 1,262,000 shares as of September 27, 2025 and 1,218,000 shares as of September 28, 2024.