Earnings Per Share

6 Months Ended

Jun. 29, 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 during the period 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				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
	(in thousands, except per share data)
Numerator:
Net income (1)	$	32,561	$	22,558	$	45,563	$	36,737

Denominator:
Weighted average shares outstanding	58,526		58,001		58,426		57,812
Participating securities	29		280		69		448
Shares for basic EPS	58,555		58,281		58,495		58,260
Dilutive effect of non-participating securities	518		411		628		443
Shares for diluted EPS	59,073		58,692		59,123		58,703

Basic EPS	$	0.56	$	0.39	$	0.78	$	0.63
Diluted EPS	$	0.55	$	0.38	$	0.77	$	0.63

(1) Income attributable to participating securities for the three months ended June 29, 2025, was not material. Includes income attributable to participating securities of $0.1 million for the six months ended June 29, 2025 and $0.1 million and $0.3 million respectively, for the three and six months ended June 30, 2024.

For the three and six months ended June 29, 2025 and June 30, 2024, there were no securities excluded from the computation of diluted EPS that would have been antidilutive.