Earnings Per Share

3 Months Ended

Mar. 30, 2025

EARNINGS PER SHARE

The Company computes basic earnings per share (“EPS”) by dividing net income by the weighted average common shares outstanding, including participating securities outstanding, during the period as discussed below. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings.

The Company includes all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding for basic EPS as these awards are considered participating securities. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock and are considered participating securities. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS. Any unvested share-based awards considered non-participating securities (restricted share units and performance shares) are included in diluted EPS calculations when the inclusion of these shares would be dilutive. The following table shows the computation of basic and diluted EPS:


	Three Months Ended
	March 30, 2025		March 31, 2024
	(in thousands, except per share data)
Numerator:
Net income(1)	$	13,002	$	14,179

Denominator:
Weighted average shares outstanding	58,325		57,623
Participating securities	109		615
Shares for basic EPS	58,434		58,238
Dilutive effect of non-participating securities	739		476
Shares for diluted EPS	59,173		58,714

Basic EPS	$	0.22	$	0.24
Diluted EPS	$	0.22	$	0.24

(1) Including income attributable to participating securities, which was not material for the three months ended March 30, 2025 and was $0.2 million for the three months ended March 31, 2024.

For the three months ended March 30, 2025, there were no securities excluded from the computation of diluted EPS that would have been antidilutive. For the three months ended March 31, 2024, 1,049,405 non-participating securities (restricted share units and performance shares) were excluded from the computation of diluted EPS as these securities would have been antidilutive for the period.