Earnings Per Share

12 Months Ended

Dec. 29, 2021

Earnings Per Share [Abstract]

Earnings Per Share

12. EARNINGS PER SHARE

Basic EPS is calculated using the weighted-average number of shares of common stock outstanding during the years ended December 29, 2021, December 30, 2020, and December 25, 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 on May 17, 2019 (the “2019 Stock Repurchase Plan”), which allowed for the repurchase of 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 2018 Stock Repurchase Plan and 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 year ended December 25, 2019, the Company repurchased 1,558,836 and 2,836,768 shares of common stock under the 2018 Stock Repurchase Plan and the 2019 Stock Repurchase Plan, respectively, executed using open market purchases, for total consideration of approximately $18.4 million and $30.0 million, respectively. 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.

	For the Years Ended
	December 29,		December 30,		December 25,
	2021		2020		2019
Numerator:
Net income	$	29,121	$	24,474	$	24,900
Denominator:
Weighted-average shares outstanding—basic		35,973,892		35,193,325		36,739,209
Weighted-average shares outstanding—diluted		36,446,756		35,796,406		37,441,503
Net income per share—basic	$	0.81	$	0.70	$	0.68
Net income per share—diluted	$	0.80	$	0.68	$	0.67
Anti-dilutive securities not considered in diluted EPS calculation		136,397		81,041		526,295

Below is a reconciliation of basic and diluted share counts.

	For the Years Ended
	December 29,	December 30,	December 25,
	2021	2020	2019
Weighted-average shares outstanding—basic	35,973,892	35,193,325	36,739,209
Dilutive effect of stock options and restricted shares	472,864	603,081	702,294
Weighted-average shares outstanding—diluted	36,446,756	35,796,406	37,441,503