Earnings Per Common Share

6 Months Ended

Jul. 02, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per common share (“EPS”) is calculated based on the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share is calculated based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the applicable period. The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per common share:

 

	Three months ended		Six months ended
(In thousands)	July 2, 2022	July 3, 2021	July 2, 2022	July 3, 2021
Basic—weighted common shares outstanding	135,895	135,498	135,783	135,283
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	559	1,035	720	1,235
Diluted—weighted common shares and common shares equivalent outstanding	136,454	136,533	136,503	136,518

The Company excluded the following shares underlying stock-based awards from the calculations of diluted EPS because their inclusion would have been anti-dilutive for the three and six months ended July 2, 2022 and July 3, 2021:

	Three months ended		Six months ended
(In thousands)	July 2, 2022	July 3, 2021	July 2, 2022	July 3, 2021
Shares excluded from calculations of diluted EPS	595	167	519	138