NET INCOME PER SHARE

Basic earnings per share (“EPS”) is calculated using the weighted-average number of shares of common stock outstanding during the thirteen weeks ended March 25, 2020 and March 27, 2019. Diluted EPS is calculated using the weighted-average number of shares of common stock outstanding and potentially dilutive during the period, using the treasury stock method.

On August 2, 2018, the Company announced that the Board of Directors had authorized a stock repurchase program. The Company entered into a stock repurchase plan on August 28, 2018 (the “2018 Stock Repurchase Plan”), which allowed for the repurchase of up to $20.0 million of the Company’s common stock. The 2018 Stock Repurchase Plan commenced on November 6, 2018 and terminated on June 26, 2019.

On April 30, 2019, as part of the Company’s focus on stockholder returns, the Board of Directors approved a new stock repurchase program. The Company entered into a stock repurchase plan May 17, 2019 (the “2019 Stock Repurchase Plan”), which allowed for the repurchase up to $30.0 million of the Company's common stock. The 2019 Stock Repurchase Plan commenced on June 27, 2019, and was exhausted on September 26, 2019.

Under the 2019 Stock Repurchase Plan, the Company was permitted to repurchase its common stock from time to time, in amounts and at prices that the Company deemed appropriate, subject to market conditions and other considerations. The Company’s repurchases were executed using open market purchases, including pursuant to Rule 10b5-1 trading plans, and/or through privately negotiated transactions.

For the thirteen weeks ended March 27, 2019, the Company repurchased 255,554 shares of common stock under the 2018 Stock Repurchase Plan, using open market purchases, for total consideration of approximately $3.4 million. The common stock repurchased under both the 2018 Stock Repurchase Plan and the 2019 Stock Repurchase Plan was retired upon repurchase.

Below are basic and diluted EPS data for the periods indicated, which are in thousands except for per share data:



	Thirteen Weeks Ended
	March 25, 2020		March 27, 2019
Numerator:
Net income	$	3,600	$	913
Denominator:
Weighted-average shares outstanding—basic	34,659,160		38,653,702
Weighted-average shares outstanding—diluted	35,347,456		39,496,436
Net income per share—basic	$	0.10	$	0.02
Net income per share—diluted	$	0.10	$	0.02
Anti-dilutive securities not considered in diluted EPS calculation	474,373		56,016

Below is a reconciliation of basic and diluted share counts:



	Thirteen Weeks Ended
	March 25, 2020	March 27, 2019
Weighted-average shares outstanding—basic	34,659,160	38,653,702
Dilutive effect of stock options and restricted shares	688,296	842,734
Weighted-average shares outstanding—diluted	35,347,456	39,496,436