The following table summarizes the computation of basic and diluted net income per common share (“EPS”) (in thousands, except share and per share data):


	For the Thirteen Weeks Ended				For the Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
Numerator
Net income	$	8,191	$	15,222	$	24,887	$	19,818
Denominator
Weighted average number of common shares outstanding		11,336,014		10,594,381		11,014,128		10,512,944
Assumed exercise of warrants		3,570,648		3,564,456		3,567,668		3,598,180
Weighted average common shares, basic		14,906,662		14,158,837		14,581,796		14,111,124
Dilutive effect of equity compensation awards		191,639		208,914		164,953		234,055
Weighted average common shares, diluted		15,098,301		14,367,751		14,746,749		14,345,179
Net income per common share, basic	$	0.55	$	1.08	$	1.71	$	1.40
Net income per common share, diluted	$	0.54	$	1.06	$	1.69	$	1.38

Equity compensation awards are excluded from the diluted earnings per share calculation when their inclusion would have an antidilutive effect such as when the Company has a net loss for the reporting period, or if the assumed proceeds per share of the award is in excess of the related fiscal period’s average price of the Company’s common stock. Accordingly, 62,288 and 171,037 shares for the thirteen and twenty-six weeks ended August 3, 2024, respectively, and 146,356 and 90,775 shares for the thirteen and twenty-six weeks ended July 29, 2023, respectively, were excluded from the diluted earnings per share calculation because their inclusion would be antidilutive.

For the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023, warrants issued to the Subordinated Facility holders have been included in the denominator for basic and diluted EPS calculations as the exercise of the warrants is near certain because the exercise price is non-substantive in relation to the fair value of the common shares to be issued upon exercise.

In accordance with the terms of the warrant agreement, dated as of October 2, 2020, and as amended on December 4, 2020, the exercise ratio of the outstanding warrants has been proportionately adjusted from 0.2054 to 0.2059 on May 29, 2024 to account for the increase in the total number of shares of common stock issuable resulting from the cash dividend paid on June 12, 2024.

Refer Note 13. Subsequent Events for information on the exercise of warrants subsequent to August 3, 2024.