Net Income Per Share

6 Months Ended

Jun. 27, 2021

Note 6. Net Income Per Share

Basic net income per share is computed by dividing the net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing the net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. Potentially dilutive common shares include common shares issuable upon exercise of stock options, vesting of Restricted Stock Units (“RSUs”) and performance shares, and issuances of shares under the Employee Stock Purchase Plan (the "ESPP"), which are reflected in diluted net income per share by application of the treasury stock method. Potentially dilutive common shares are excluded from the computation of diluted net income per share when their effect is anti-dilutive.

Net income per share for the three and six months ended June 27, 2021 and June 28, 2020 were as follows:

	Three Months Ended				Six Months Ended
	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
	(In thousands, except per share data)
Numerator:
Net income	$	17,834	$	5,983	$	40,794	$	1,810

Denominator:
Weighted average common shares - basic		30,574		29,617		30,614		29,608
Potentially dilutive common share equivalent		890		453		1,034		471
Weighted average common shares - dilutive		31,464		30,070		31,648		30,079

Basic net income per share	$	0.58	$	0.20	$	1.33	$	0.06
Diluted net income per share	$	0.57	$	0.20	$	1.29	$	0.06

Anti-dilutive employee stock-based awards, excluded		348		2,245		347		2,425