Note 2 - Net Income Per Share

12 Months Ended

Jan. 01, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2 - Net Income Per Share

Our calculation of the diluted share count includes the number of shares from our equity awards with market conditions or performance conditions that would be issuable under the terms of such awards at the end of the reporting period. For equity awards with a market condition, the number of shares included in the diluted share count as of the end of each period presented is determined by measuring the achievement of the market condition as of the end of the respective reporting periods. For equity awards with a performance condition, the number of shares that qualified for vesting as of the end of each period presented are included in the diluted share count when the condition for their issuance was satisfied by the end of the respective reporting periods. See "Note 11 - Stock-Based Compensation Plans" to our consolidated financial statements for further discussion of our equity awards with market or performance conditions.

A summary of basic and diluted Net income per share is presented in the following table:

 

	Year Ended
	January 1,		January 2,		December 28,
(in thousands, except per share data)	2022		2021		2019
Net income	$	95,922	$	47,392	$	43,493
Shares used in basic Net income per share		136,619		135,220		132,471
Dilutive effect of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition		5,524		6,056		4,803
Shares used in diluted Net income per share		142,143		141,276		137,274
Basic Net income per share	$	0.70	$	0.35	$	0.33
Diluted Net income per share	$	0.67	$	0.34	$	0.32

The computation of diluted Net income per share excludes the effects of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition that are antidilutive, aggregating to approximately the following number of shares:

	Year Ended
	January 1,		January 2,		December 28,
(in thousands)	2022		2021		2019
Stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition excluded as they are antidilutive		638		646		890