Earnings Per Share (Tables)

6 Months Ended

Mar. 27, 2020

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Share

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

	Three months ended				Six months ended
(in thousands, except per share data)	March 27, 2020		March 29, 2019		March 27, 2020		March 29, 2019
Numerator:
Net income	$	39,193	$	29,555	$	73,983	$	56,504
Less: Undistributed earnings allocated to participating securities	853		857		1,719		1,507
Net income available to common shareholders	$	38,340	$	28,698	$	72,264	$	54,997
Denominator:
Basic weighted average common shares outstanding	47,404		46,079		47,268		46,529
Effect of dilutive securities: Non-participating employee stock options (1)	691		1,290		961		1,288
Diluted weighted average common shares outstanding	48,095		47,369		48,229		47,817
Basic earnings per share	$	0.81	$	0.62	$	1.53	$	1.18
Diluted earnings per share	$	0.80	$	0.61	$	1.50	$	1.15
(1) Stock options to purchase approximately 0.3 million and 0.4 million shares of common stock were outstanding during the three months ended March 27, 2020 and March 29, 2019, respectively, but were not included in the calculation of diluted earnings per share as the impact of these options would have been anti-dilutive. Stock options to purchase approximately 0.1 million and 0.5 million shares of common stock were outstanding during the six months ended March 27, 2020 and March 29, 2019, respectively, but were not included in the calculation of diluted earnings per share as the impact of these options would have been anti-dilutive.