Net Income per Share

9 Months Ended

Sep. 30, 2023

Net Income per Share

Net Income per Share

Note I – Net Income per Share

Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effect of equity awards is calculated using the treasury stock method.

The following table presents the computation of net income per share on a basic and diluted basis:

	Quarter Ended				Nine Months Ended
	September 30,		October 1,		September 30,		October 1,
(thousands except per share data)	2023		2022		2023		2022
Net income attributable to shareholders	$	198,659	$	342,399	$	708,968	$	1,077,482
Weighted-average shares outstanding - basic		55,597		64,228		57,021		66,055
Net effect of various dilutive stock-based compensation awards		701		751		694		790
Weighted-average shares outstanding - diluted		56,298		64,979		57,715		66,845
Net income per share:
Basic	$	3.57	$	5.33	$	12.43	$	16.31
Diluted (a)	$	3.53	$	5.27	$	12.28	$	16.12
(a) Equity awards excluded from diluted net income per share as their effect would have been anti-dilutive		-		203		43		53