Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings (Loss) Per Share

Earnings (Loss) Per Share

4. Earnings (Loss) Per Share

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

	Year Ended
	December 31,		January 1,		January 2,
	2022		2022		2021
Income (loss) from continuing operations	$	91,402	$	(57,874)	$	(115,485)
Shares used in computing basic earnings (loss) per share		35,086		42,830		43,775
Effect of dilutive securities:
Stock-based awards and convertible debt		956		—		—
Shares used in computing diluted earnings (loss) per share		36,042		42,830		43,775
Earnings (loss) per share:
Basic	$	2.61	$	(1.35)	$	(2.64)
Diluted	$	2.54	$	(1.35)	$	(2.64)

Diluted shares for fiscal 2021 and 2020 excluded 1.5 million and 0.6 million shares, respectively, due to the Company’s loss from continuing operations for the periods.

The Company has irrevocably elected to settle the principal amount of its convertible senior notes in cash and intends to settle any excess value in shares in the event of a conversion. For fiscal 2022, 2021 and 2020 approximately 0.6 million shares, 1.0 million shares and 0.2 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 11, Debt, to the Consolidated Financial Statements for additional information.