Earnings Per Share

9 Months Ended

Sep. 28, 2024

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


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net income (loss)	$	(28,504)	$	10,348	$	(167,187)	$	35,271

Shares used in computing basic earnings per share	32,309		31,796		32,114		31,789

Effect of dilutive securities:
Convertible debt and stock-based awards	—		282		—		1,130
Shares used in computing diluted earnings per share	32,309		32,078		32,114		32,919

Earnings (loss) per share:
Basic	$	(0.88)	$	0.33	$	(5.21)	$	1.11
Diluted	$	(0.88)	$	0.32	$	(5.21)	$	1.07

Diluted shares for the three and nine months ended September 28, 2024 excluded 0.1 million and 0.2 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 nine months ended September 30, 2023, approximately 0.0 million and 0.7 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 nine months ended September 30, 2023 were insignificant.