Earnings Per Share

12 Months Ended

Jan. 01, 2023

Earnings Per Share [Abstract]

Earnings Per Share

(9)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.

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

	Fiscal Year Ended
	January 1, 2023		January 2, 2022		January 3, 2021
	(In thousands, except per share data)
Net income	$	26,134	$	102,386	$	55,940
Weighted-average shares of common stock outstanding:
Basic		21,634		21,670		21,260
Dilutive effect of common stock equivalents arising    from share option, nonvested share and nonvested    share unit awards		455		842		403
Diluted		22,089		22,512		21,663
Basic earnings per share	$	1.21	$	4.73	$	2.63
Diluted earnings per share	$	1.18	$	4.55	$	2.58
Antidilutive share option awards excluded    from diluted calculation		16		2		494
Antidilutive nonvested share and nonvested share unit    awards excluded from diluted calculation		185		—		46

The computation of diluted earnings per share for the periods presented excludes certain share option awards since the exercise prices of these share option awards exceeded the average market price of the Company’s common shares, and the effect of their inclusion would have been antidilutive (i.e., including such share option awards would result in higher earnings per share).

No nonvested share awards or nonvested share unit awards were antidilutive for fiscal 2021. The computation of diluted earnings per share for fiscal 2022 and 2020 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.