Earnings per common share ("EPS")

Basic EPS is computed by dividing net (loss) income attributable to common shareholders by the weighted average number of common shares outstanding for the period. The computation of basic EPS is outlined in the table below:


	13 weeks ended
(in millions, except per share amounts)	May 4, 2024		April 29, 2023
Numerator:
Net (loss) income attributable to common shareholders	$	(40.1)	$	88.8
Denominator:
Weighted average common shares outstanding	44.6		45.3
EPS – basic	$	(0.90)	$	1.96

The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including time-based restricted shares, time-based restricted stock units, performance-based stock units, and stock options issued under the Omnibus Plan and stock options issued under the Share Saving Plans. The dilutive effect of performance share units represents the number of contingently issuable shares that would be issuable if the end of the period was the end of the contingency period and is based on the actual achievement of performance metrics through the end of the current interim periods. The dilutive effect of Preferred Shares represents the potential impact for common shares that would be issued upon conversion. Potential common share dilution related to share awards and Preferred Shares is determined using the treasury stock and if-converted methods, respectively. Prior to modification under the if-converted method, the Preferred Shares were assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted EPS calculation for the entire period being presented, only in the periods in which such effect is dilutive. Additionally, in periods in which Preferred Shares are dilutive, cumulative dividends and accretion for issuance costs associated with the Preferred Shares are added back to net income (loss) attributable to common shareholders. Following the modification and conversion of the Preferred Shares described in Note 5, a modified if-converted method is used to determine potential common share dilution related to the remaining outstanding Preferred Shares. Under this method, dividends and accretion of issuance costs are no longer added back to net income (loss) attributable to common shareholders. See Note 5 for additional discussion of the Company’s Preferred Shares.

The computation of diluted EPS is outlined in the table below:


	13 weeks ended
(in millions, except per share amounts)	May 4, 2024		April 29, 2023
Numerator:
Net (loss) income attributable to common shareholders	$	(40.1)	$	88.8
Add: Dividends on Preferred Shares	—		8.6
Numerator for diluted EPS	$	(40.1)	$	97.4
Denominator:
Basic weighted average common shares outstanding	44.6		45.3
Plus: Dilutive effect of share awards	—		1.1
Plus: Dilutive effect of Preferred Shares	—		8.1
Diluted weighted average common shares outstanding	44.6		54.5
EPS – diluted	$	(0.90)	$	1.79

The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be antidilutive:


	13 weeks ended
(in millions)	May 4, 2024	April 29, 2023
Share awards	0.5	—
Potential impact of Preferred Shares	2.9	—
Total antidilutive shares	3.4	—