Earnings Per Share

6 Months Ended

Jul. 03, 2022

Earnings Per Share [Abstract]

Earnings Per Share

(8)Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards. During periods of net loss, diluted loss per share is equal to basic loss per share because the antidilutive effect of potential common shares is disregarded.

The following table sets forth the computation of basic and diluted earnings per common share:

	13 Weeks Ended				26 Weeks Ended
	July 3, 2022		July 4, 2021		July 3, 2022		July 4, 2021
	(In thousands, except per share data)
Net income	$	8,934	$	36,803	$	18,037	$	58,349
Weighted-average shares of common stock    outstanding:
Basic		21,675		21,746		21,677		21,582
Dilutive effect of common stock    equivalents arising from share option,    nonvested share and nonvested share    unit awards		364		847		520		925
Diluted		22,039		22,593		22,197		22,507
Basic earnings per share	$	0.41	$	1.69	$	0.83	$	2.70
Diluted earnings per share	$	0.41	$	1.63	$	0.81	$	2.59
Antidilutive share option awards excluded    from diluted calculation		14		—		12		12
Antidilutive nonvested share and nonvested    share unit awards excluded from diluted    calculation		403		4		—		2

The computation of diluted earnings per share for the 13 and 26 weeks ended July 3, 2022, and the 26 weeks ended July 4, 2021, excludes certain share option awards that were outstanding and antidilutive (i.e., including such share option awards would result in higher earnings per share), since the exercise prices of these share option awards exceeded the average market price of the Company’s common shares. No share option awards were antidilutive for the 13 weeks ended July 4, 2021.

The computation of diluted earnings per share for the 13 weeks ended July 3, 2022, and the 13 and 26 weeks ended July 4, 2021, excludes certain nonvested share awards and nonvested share unit awards that were outstanding and antidilutive, since the grant date fair values of these nonvested share awards and nonvested share unit awards exceeded the average market price of the Company’s common shares. No nonvested share awards or nonvested share unit awards were antidilutive for the 26 weeks ended July 3, 2022.