Net Income Per Share

6 Months Ended

Jun. 29, 2024

Basic net income per share is computed by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is computed by giving effect to all potentially dilutive common equivalent shares outstanding for the period using the treasury stock method.

Basic and diluted net income per share were as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in thousands, except per share data)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator
Net income	$	9,712	$	35,050	$	9,245	$	24,855
Denominator
Basic weighted average common shares outstanding	161,788		141,712		161,518		141,705
Dilutive effect of employee stock options and awards	6,222		4,462		6,502		4,553
Diluted weighted average common shares outstanding (1)	168,010		146,174		168,020		146,258
Net income per share
Basic	$	0.06	$	0.25	$	0.06	$	0.18
Diluted	$	0.06	$	0.24	$	0.06	$	0.17

(1)For the thirteen and twenty-six weeks ended June 29, 2024, the calculation of diluted net income per share excludes the effect of 3.5 million and 2.4 million, respectively, of potential shares of common stock relating to awards of stock options and restricted stock units that, if exercised or vested, would have been antidilutive. For the thirteen and twenty-six weeks ended July 1, 2023, there were no stock awards that would have had an antidilutive impact on net income per share.