Earnings Per Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 12 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):

	Fiscal quarters ended				Six fiscal months ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net earnings attributable to Vishay stockholders	$	23,533	$	95,038	$	54,457	$	206,819
Denominator:
Denominator for basic earnings per share:
Weighted average shares		137,201		139,627		137,400		140,062
Outstanding phantom stock units		125		137		125		139
Adjusted weighted average shares		137,326		139,764		137,525		140,201
Effect of dilutive securities:
Restricted stock units		758		714		754		664
Dilutive potential common shares		758		714		754		664
Denominator for diluted earnings per share:
Adjusted weighted average shares - diluted		138,084		140,478		138,279		140,865
Basic earnings per share attributable to Vishay stockholders	$	0.17	$	0.68	$	0.40	$	1.48
Diluted earnings per share attributable to Vishay stockholders	$	0.17	$	0.68	$	0.39	$	1.47

Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands):

	Fiscal quarters ended				Six fiscal months ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Restricted stock units		381		318		254		159

If the average market price of Vishay common stock is less than the effective conversion prices of the convertible senior notes due 2025 and due 2030, respectively, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025 and due 2030.  Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock.  Pursuant to the indenture governing the convertible senior notes due 2030, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in cash and/or common stock.  

In connection with the issuance of the convertible senior notes due 2030, the Company entered into capped call transactions (see Note 5), which were not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive.  The capped calls are intended to reduce the potential dilution to the Company's common stock in the event that at the time of conversion of the convertible senior notes due 2030 the Company's common stock price exceeds the conversion price of the convertible senior notes due 2030.