Earnings Per Share

6 Months Ended

Jun. 29, 2024

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


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net income (loss)	$	(82,157)	$	10,956	$	(138,683)	$	24,923

Shares used in computing basic earnings per share	32,124		31,614		32,018		31,786

Effect of dilutive securities:
Convertible debt and stock-based awards	—		1,312		—		1,553
Shares used in computing diluted earnings per share	32,124		32,926		32,018		33,339

Earnings (loss) per share:
Basic	$	(2.56)	$	0.35	$	(4.33)	$	0.78
Diluted	$	(2.56)	$	0.33	$	(4.33)	$	0.75

Diluted shares for the three and six months ended June 29, 2024 excluded 0.3 million and 0.3 million shares, respectively, due to the Company’s net loss for the periods. 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 the three and six months ended July 1, 2023, approximately 0.9 million and 1.1 million shares, respectively, 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 and were excluded from the computation of diluted earnings per share for the three and six months ended July 1, 2023 were insignificant.