EARNINGS PER SHARE

12 Months Ended

Dec. 28, 2022

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 28, 2022, December 29, 2021, and December 30, 2020. 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 October 11, 2022, the Company’s Board of Directors approved a share repurchase program (the “2022 Stock Repurchase Plan”) under which the Company is authorized to repurchase up to $20.0 million of shares of our common stock. The 2022 Stock Repurchase Plan will terminate on March 28, 2024, may be modified, suspended or discontinued at any time, and does not obligate the Company to acquire any particular number of shares.

Under the 2022 Stock Repurchase Plan, the Company is 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 will be executed using open market purchases, including pursuant to Rule 10b5-1 trading plans, and/or through privately negotiated transactions.

For the year ended December 28, 2022, the Company did not repurchase any shares of common stock under the 2022 Stock Repurchase Plan.

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 28,		December 29,		December 30,
	2022		2021		2020
Numerator:
Net income	$	20,801	$	29,121	$	24,474
Denominator:
Weighted-average shares outstanding—basic		36,350,579		35,973,892		35,193,325
Weighted-average shares outstanding—diluted		36,575,904		36,446,756		35,796,406
Net income per share—basic	$	0.57	$	0.81	$	0.70
Net income per share—diluted	$	0.57	$	0.80	$	0.68
Anti-dilutive securities not considered in diluted EPS calculation		535,574		136,397		81,041

Below is a reconciliation of basic and diluted share counts.

	For the Years Ended
	December 28,	December 29,	December 30,
	2022	2021	2020
Weighted-average shares outstanding—basic	36,350,579	35,973,892	35,193,325
Dilutive effect of stock options and restricted shares	225,325	472,864	603,081
Weighted-average shares outstanding—diluted	36,575,904	36,446,756	35,796,406