Earnings Per Share

9 Months Ended

Sep. 28, 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				Nine Months Ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
	(in thousands, except per share data)
Numerator:
Net income (1)	$	46,146	$	28,443	$	91,709	$	65,180

Denominator:
Weighted average shares outstanding	58,371		58,061		58,407		57,895
Participating securities	—		244		46		380
Shares for basic EPS	58,371		58,305		58,453		58,275
Dilutive effect of non-participating securities	763		566		702		479
Shares for diluted EPS	59,134		58,871		59,155		58,754

Basic EPS	$	0.79	$	0.49	$	1.57	$	1.12
Diluted EPS	$	0.78	$	0.48	$	1.55	$	1.11

(1) Income attributable to participating securities for the three and nine month periods ended September 28, 2025 and September 29, 2024, was not material.

For the three and nine months ended September 28, 2025 and September 29, 2024, there were no securities excluded from the computation of diluted EPS that would have been antidilutive.