EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Computations of Basic and Diluted (Loss) Earnings per Share

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)

Schedule of Units Excluded from Calculation of Diluted Earnings per Share

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