Earnings Per Common Share

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

Basic earnings (loss) per common share (“EPS”) is calculated based on the weighted average number of shares of common stock outstanding during the applicable period. Diluted EPS 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. Diluted loss per common share is the same as basic loss per common share because the inclusion of any potentially issuable share would be anti-dilutive. The following table presents a reconciliation of the share amounts used in the computation of basic and diluted EPS:

 

	Three months ended
(In thousands)	March 30, 2024	April 1, 2023
Basic—weighted common shares outstanding	150,549	149,426
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	1,169	—
Diluted—weighted common shares and common shares equivalent outstanding	151,718	149,426

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 months ended March 30, 2024 and April 1, 2023:

	Three months ended
(In thousands)	March 30, 2024	April 1, 2023
Shares excluded from calculations of diluted EPS	144	1,747