Net Income Per Share

12 Months Ended

Jan. 01, 2022

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

CRA calculates basic earnings per share using the two-class method. CRA calculates diluted earnings per share using the more dilutive of either the two-class method or treasury stock method. The two-class method was more dilutive for fiscal 2021, fiscal 2020, and fiscal 2019.

Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all the net earnings for the period had been distributed. CRA's participating securities consist of unvested share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders Net earnings allocable to these participating securities were not material for fiscal 2021, fiscal 2020, and fiscal 2019.

The following table presents a reconciliation from net income to the net income available to common shareholders (in thousands):

	Year Ended		Year Ended		Year Ended
	January 1, 2022 (52 weeks)		January 2, 2021 (53 weeks)		December 28, 2019 (52 weeks)
Net income, as reported	$	41,679	$	24,507	$	20,747
Less: net income attributable to participating shares	175		93		55
Net income available to common shareholders	$	41,504	$	24,414	$	20,692

The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands):

	Year Ended	Year Ended	Year Ended
	January 1, 2022	January 2, 2021	December 28, 2019
Basic weighted average shares outstanding	7,423	7,768	7,866
Common stock equivalents:
Stock options and restricted stock units	198	180	301
Diluted weighted average shares outstanding	7,621	7,948	8,167

Certain share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period. The following table presents the anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding (in thousands):

	Year Ended	Year Ended	Year Ended
	January 1, 2022	January 2, 2021	December 28, 2019
Anti-dilutive share-based awards excluded	3	80	62