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

Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

Earnings Per Share

6 Months Ended

Jul. 04, 2026

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


	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Basic Earnings per Common Share:
Net Income - Basic	$	60,600	$	10,842	$	35,060	$	1,314
Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Basic Earnings per Common Share	$	1.41	$	0.26	$	0.82	$	0.03

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


	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Diluted Earnings per Common Share:


Net Income - Diluted	$	60,600	$	10,842	$	35,060	$	1,314

Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Net Effect of Dilutive Stock Awards	1,783		855		1,819		1,154
Net Effect of Dilutive Convertible Notes	1,492		—		1,708		—
Weighted Average Shares - Diluted	46,219		43,271		46,535		43,641

Diluted Earnings per Common Share	$	1.31	$	0.25	$	0.75	$	0.03

The above information has been adjusted to reflect the impact of the twenty percent distribution of Class B Stock for shareholders of record on June 15, 2026.

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 at the three and six months ended July 4, 2026 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 during the period outstanding was above the conversion price for the 2031 Convertible Notes, therefore incremental shares were included in diluted earnings per share at the three and six months ended July 4, 2026.

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.

Antidilutive shares excluded from diluted earnings per share computations as of the date indicated were as follows:


	Six Months Ended		Three Months Ended
(In thousands)	July 4, 2026	June 28, 2025	July 4, 2026	June 28, 2025
Stock Options and Unvested RSUs	—	522	—	479
2030 Convertible Notes	1,750	8,751	1,750	8,751
Total Antidilutive Securities	1,750	9,273	1,750	9,230