EARNINGS PER SHARE

12 Months Ended

Jan. 01, 2022

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted income per share includes the effect of all potentially dilutive securities, which include dilutive stock options and awards.

The following table sets forth the calculation of earnings per share and weighted-average common shares outstanding at the dates indicated (in thousands, except per share data):


	Fiscal Year Ended
	January 1, 2022		January 2, 2021		December 28, 2019
Net income	$	212,602	$	155,801	$	50,434

Weighted average common shares outstanding — basic	87,425		86,978		85,088
Effect of dilutive securities	1,241		869		1,259
Weighted average common shares outstanding — diluted	88,666		87,847		86,347

Earnings per share
Basic	$	2.43	$	1.79	$	0.59
Diluted	$	2.40	$	1.77	$	0.58

Outstanding stock-based awards representing less than 0.1 million, 0.2 million, and 0.8 million shares of common stock were excluded from the calculations of diluted earnings per share in 2021, 2020, and 2019, respectively, because the effect of their inclusion would have been antidilutive to those years.