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Earnings per Common Share
6 Months Ended
Jun. 27, 2025
Earnings Per Share [Abstract]  
Earnings per Common Share

5. Earnings per Common Share

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Fully vested restricted stock units and deferred stock units granted to members of the Company’s Board of Directors are included in the calculation of weighted average number of common shares outstanding.

For diluted earnings per common share, the denominator includes the dilutive effect of outstanding common share equivalents. The dilutive effects of outstanding common share equivalents, including outstanding service-based restricted stock units, stock options and performance-based restricted stock units, are determined using the treasury stock method. Performance-based restricted stock units are considered contingently issuable shares, the vesting of which may be based on achievement of specified company financial performance metrics (“attainment-based PSUs”), certain market conditions (“market-based PSUs”) or a hybrid of company financial performance metrics and market conditions (“hybrid PSUs”). The dilutive effects of market-based PSUs are included in the weighted average common share calculation based on the number of shares, if any, that would be issuable as of the end of the reporting period, assuming the end of the reporting period is also the end of the performance period. The dilutive effects of attainment-based and hybrid PSUs are included in the weighted average common share calculation based on the cumulative achievement against the performance targets only when the performance targets have been achieved as of the end of the reporting period.

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

 

Three Months Ended

 

 

Six Months Ended

 

 

June 27,

 

 

June 28,

 

 

June 27,

 

 

June 28,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerators:

 

 

 

 

 

 

 

 

 

 

 

Net income

$

4,497

 

 

$

13,755

 

 

$

25,705

 

 

$

28,431

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominators:

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding— basic

 

36,022

 

 

 

35,946

 

 

 

36,023

 

 

 

35,930

 

Dilutive common share equivalents

 

54

 

 

 

146

 

 

 

80

 

 

 

180

 

Weighted average common shares outstanding— diluted

 

36,076

 

 

 

36,092

 

 

 

36,103

 

 

 

36,110

 

Antidilutive common share equivalents excluded from above

 

344

 

 

 

166

 

 

 

260

 

 

 

119

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Common Share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.12

 

 

$

0.38

 

 

$

0.71

 

 

$

0.79

 

Diluted

$

0.12

 

 

$

0.38

 

 

$

0.71

 

 

$

0.79

 

For the three and six months ended June 27, 2025, 291 thousand shares of attainment-based PSUs and hybrid PSUs were excluded from the calculation of the denominator because they were considered contingently issuable shares and the related performance targets had not been achieved as of June 27, 2025.

For the three and six months ended June 28, 2024, 177 thousand shares of attainment-based PSUs and hybrid PSUs were excluded from the calculation of the denominator because they were considered contingently issuable shares and the related performance targets had not been achieved as of June 28, 2024.