EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

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 other stock-based 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):


	Three Months Ended				Nine Months Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Net income	$	42,657	$	45,520	$	91,292	$	117,431

Weighted-average common shares outstanding—basic	86,783		86,208		86,663		86,580
Effect of dilutive securities	806		623		627		725
Weighted-average common shares outstanding—diluted	87,589		86,831		87,290		87,305

Earnings per share
Basic	$	0.49	$	0.53	$	1.05	$	1.36
Diluted	$	0.49	$	0.52	$	1.05	$	1.35

Effects of potentially dilutive securities are presented only in periods in which they are dilutive. For the three and nine months ended September 30, 2023, outstanding stock-based awards representing 0.1 million and 0.2 million shares of common stock, respectively, were excluded from the calculation of diluted earnings per share, because their effect would be anti-dilutive. For the three and nine months ended October 1, 2022, outstanding stock-based awards representing 0.5 million and 0.4 million shares of common stock, respectively, were excluded from the calculation of diluted earnings per share, because their effect would be anti-dilutive.