Earnings (Loss) Per Share

12 Months Ended

Dec. 28, 2024

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share data):


	Year Ended
	December 28, 2024		December 30, 2023		December 31, 2022
Net income (loss)	$	(191,010)	$	(34,516)	$	91,402

Shares used in computing basic earnings (loss) per share	32,191		31,804		35,086

Effect of dilutive securities:
Stock-based awards and convertible debt	—		—		956
Shares used in computing diluted earnings (loss) per share	32,191		31,804		36,042

Earnings (loss) per share:
Basic	$	(5.93)	$	(1.09)	$	2.61
Diluted	$	(5.93)	$	(1.09)	$	2.54

In periods where the Company reports net income, diluted earnings per share was computed using the treasury stock method for stock-based awards and the if-converted method for convertible debt. Diluted shares for fiscal 2024 excluded 0.2 million shares and fiscal 2023 excluded 0.9 million shares due to the Company’s net loss for the periods.

The Company irrevocably elected to settle the principal amount of its 0.625% convertible senior notes due 2025 (the “2025 Notes”) in cash and any excess value in shares in the event of a conversion. In June 2023, the Company paid $535.0 million in cash and issued 0.9 million shares of common stock in connection with the conversions and redemptions of the 2025 Notes. For fiscal 2022, approximately 0.6 million shares were included in the denominator for the calculation of diluted earnings per share (related to the not yet converted or redeemed 2025 Notes.) Securities that were anti-dilutive were insignificant and were excluded from the computation of diluted earnings per share in all periods presented.