EXPRESS, INC. - 10-Q filing on 2022-12-08

Earnings Per Share

9 Months Ended

Oct. 29, 2022

NOTE 3 | EARNINGS PER SHARE

The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share:


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	October 29, 2022	October 30, 2021	October 29, 2022	October 30, 2021
	(in thousands)
Weighted-average shares - basic	68,272	67,006	67,878	66,244
Dilutive effect of stock options and restricted stock units	—	2,850	—	—
Weighted-average shares - diluted	68,272	69,856	67,878	66,244

Equity awards representing 4.8 million and 5.2 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen and thirty-nine weeks ended October 29, 2022 respectively, as the inclusion of these awards would have been anti-dilutive. Equity awards representing 0.7 million and 8.2 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen and thirty-nine weeks ended October 30, 2021 respectively, as the inclusion of these awards would have been anti-dilutive.

Additionally, for the thirteen weeks ended October 29, 2022, approximately 3.2 million shares were excluded from the computation of diluted weighted average shares because the number of shares that will ultimately be issued is contingent on the Company’s performance compared to pre-established performance goals which have not been achieved as of October 29, 2022.