lululemon athletica inc.

Note 9. Earnings Per Share

The details of the computation of basic and diluted earnings per share are as follows:

The Company's calculation of weighted-average shares includes the common stock of the Company as well as the exchangeable shares. Exchangeable shares are the economic equivalent of common shares in all material respects. All classes of stock have in effect the same economic rights and share equally in undistributed net income. For the first quarter of 2026 and 2025,0.3 million and 0.2 million stock options and awards, respectively, were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share.

The Company's board of directors approved a stock repurchase program authorizing up to $4.0 billion in aggregate, including $1.0 billion initially authorized on November 29, 2023, and additional $1.0 billion increases on May 29, 2024, December 3, 2024, and December 3, 2025. This program does not have an expiration date or require a minimum number of shares to be repurchased. Repurchases may be made on the open market at prevailing prices or through privately negotiated transactions, including under plans pursuant to Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and amount of repurchases will depend on market conditions, trading eligibility, and other factors. As of May 3, 2026, the remaining authorized amount available under the program, excluding commissions and excise taxes, was $1.0 billion.

During the first quarter of 2026 and 2025,2.2 million and 1.4 million shares, respectively, were repurchased under the programs at a total cost including commissions and excise taxes of $361.8 million and $434.4 million, respectively.

Subsequent to May 3, 2026, and up to May 29, 2026,0.9 million shares were repurchased at a total cost including commissions and excise taxes of $111.0 million.