EXPRESS, INC. - 10-Q filing on 2023-09-06

Earnings Per Share

6 Months Ended

Jul. 29, 2023

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. All shares of Common Stock in the table below have been retrospectively restated to reflect the effect of the reverse stock split:


	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	July 29, 2023	July 30, 2022	July 29, 2023	July 30, 2022
	(in thousands)
Weighted-average shares - basic	3,737	3,408	3,715	3,384
Dilutive effect of stock options and restricted stock units	—	29	—	—
Weighted-average shares - diluted	3,737	3,437	3,715	3,384

Equity awards representing 0.2 million shares of Common Stock were excluded from the computation of diluted earnings per share for both the thirteen and twenty-six weeks ended July 29, 2023, respectively, as the inclusion of these awards would have been anti-dilutive. Equity awards representing 0.2 million and 0.3 million shares of Common Stock were excluded from the computation of diluted earnings per share for the thirteen and twenty-six weeks ended July 30, 2022, respectively, as the inclusion of these awards would have been anti-dilutive.

Additionally, for the thirteen weeks ended July 29, 2023, equity awards representing 0.1 million shares of Common Stock were excluded from the computation of diluted weighted average shares because the number of shares of Common Stock that will ultimately be issued is contingent on the Company’s performance compared to pre-established performance goals which had not been achieved as of July 29, 2023.