J.Jill, Inc. Earnings Per Share Disclosure
16. Net Income Per Share
The following table summarizes the computation of basic and diluted net income per common share for the Fiscal Years 2024, 2023 and 2022 (in thousands, except share and per share data):
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For the Fiscal Year Ended |
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February 1, 2025 |
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February 3, 2024 |
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January 28, 2023 |
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Numerator |
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Net income |
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$ |
39,483 |
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$ |
36,201 |
|
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$ |
42,175 |
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Denominator |
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Weighted average number of common shares outstanding |
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14,956,165 |
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|
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10,561,652 |
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|
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10,124,962 |
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Assumed exercise of warrants |
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|
— |
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|
|
3,581,475 |
|
|
|
3,810,441 |
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Weighted average common shares, basic |
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14,956,165 |
|
|
|
14,143,127 |
|
|
|
13,935,403 |
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Dilutive effect of share-based awards |
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|
180,668 |
|
|
|
261,343 |
|
|
|
349,632 |
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Weighted average common shares, diluted |
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|
15,136,833 |
|
|
|
14,404,470 |
|
|
|
14,285,035 |
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Net income per common share, basic |
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$ |
2.64 |
|
|
$ |
2.56 |
|
|
|
3.03 |
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Net income per common share, diluted |
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$ |
2.61 |
|
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$ |
2.51 |
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$ |
2.95 |
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Share-based rewards 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, there were 98,338, 57,914, and 106,137 such awards excluded for the Fiscal Years 2024, 2023 and 2022, respectively.
During the fiscal year ended February 1, 2025, the Company issued 3,572,664 shares of common stock following the exercise of 3,573,707 warrants (the “Warrants”) that were previously issued pursuant to a Warrant Agreement, dated as of October 2, 2020, by and between the Company and American Stock Transfer & Trust Company, LLC (the “Warrant Agreement”). The exercise price of the Warrants was net share settled as per the terms of the Warrant Agreement and as detailed in the consolidated statements of shareholders’ equity for the fiscal year ended February 1, 2025. Given the non-substantive exercise price of the Warrants in relation to the fair value of the common shares issued upon exercise, the exercise of these Warrants had no impact on net income per common share, both basic and diluted. Upon exercise, the net share settled warrants are included in the Weighted average number of common shares outstanding in the table above for the fiscal year ended February 1, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 1, 2025 | Showing above |
| 2022 | Apr 13, 2022 | |
| 2021 | Apr 12, 2021 | |
| 2020 | Jun 15, 2020 | |
| 2019 | Apr 8, 2019 | |
| 2018 | Apr 13, 2018 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.