Earnings Per Common Share

9 Months Ended

Oct. 01, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHAREBasic (loss) 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		Nine months ended
(In thousands)	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Basic—weighted common shares outstanding	148,570	135,583	140,045	135,383
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	—	1,048	847	1,173
Diluted—weighted common shares and common shares equivalent outstanding	148,570	136,631	140,892	136,556

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 nine months ended October 1, 2022 and October 2, 2021:

	Three months ended		Nine months ended
(In thousands)	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Shares excluded from calculations of diluted EPS	1,610	148	415	149