Earnings per Share

6 Months Ended

Jun. 29, 2024

Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period, excluding unvested restricted shares. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The effect of potentially dilutive securities is not considered during periods of loss or if the effect is anti-dilutive.

The weighted average number of shares outstanding in calculating basic earnings per share for the six months ended June 29, 2024 and July 1, 2023 exclude 732,856 and 688,377 non-vested restricted shares, respectively. During the three and six months ended June 29, 2024 there were 9,355 and 5,833 weighted average securities, respectively, which are not included in the calculation of diluted weighted average shares outstanding because their impact is anti-dilutive or their performance conditions have not been met. During the three and six months ended July 1, 2023, there were 111,584 and 41,536 weighted average securities, respectively, which are not included in the calculation of diluted weighted average shares outstanding because their impact is anti-dilutive or their performance conditions have not been met.

The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share:


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net income – basic and diluted	$	7,907	$	15,413	$	8,315	$	21,360

Denominator:
Basic weighted average shares outstanding	15,362,825		15,014,106		15,314,988		14,948,796
Effect of dilutive non-vested restricted shares and units	284,166		413,856		317,026		447,546
Effect of issuable shares related to acquisitions	24,185		23,826		25,618		25,193
Diluted weighted average shares outstanding	15,671,176		15,451,788		15,657,632		15,421,535