Basic net earnings per share of Class A common stock is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of Class A common stock outstanding.

Diluted net earnings per share is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of dilutive securities, using the treasury stock method.

The computations of basic and diluted net earnings (loss) per share for the quarters ended March 31, 2024 and March 26, 2023 are as follows (in thousands, except per share data):


	Quarter Ended
		March 31, 2024		March 26, 2023
Net income (loss)		$	5,344	$	(1,273)
Net income (loss) attributable to non-controlling interests		782		(759)
Net income (loss) attributable to Portillo's Inc.		$	4,562	$	(514)

Shares:
Weighted-average number of common shares outstanding-basic		57,438		49,599
Dilutive share awards		3,056		—
Weighted-average number of common shares outstanding-diluted		60,494		49,599

Basic net income (loss) per share		$	0.08	$	(0.01)
Diluted net income (loss) per share		$	0.08	$	(0.01)

Shares of the Company’s Class B Common Stock do not participate in the earnings or losses of Portillo's Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B Common Stock under the two-class method has not been presented.

The following shares were excluded from the calculation of diluted earnings per share because they would be antidilutive (in thousands):


	Quarter Ended
		March 31, 2024	March 26, 2023
Shares subject to performance conditions		1,748	1,807
Shares that were antidilutive		38	3,538
Total shares excluded from diluted net income per share		1,786	5,345