Earnings Per Share

6 Months Ended

Jul. 01, 2023

Earnings Per ShareBasic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding unvested RSAs which are considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share

equivalents are calculated using the treasury stock method and are computed based on outstanding stock-based awards.

For the three months ended July 1, 2023 and June 25, 2022, there were approximately 353,000 shares and 37,000 shares, respectively, and for the six months ended July 1, 2023 and June 25, 2022 there were approximately 295,000 shares and 32,000 shares, respectively, that were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive.

The following table sets forth the computation of basic earnings per share and diluted earnings per share:


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	July 1, 2023		June 25, 2022		July 1, 2023		June 25, 2022

Net income	$	32,770	$	37,905	$	38,453	$	73,112
Denominator:
Weighted average basic shares outstanding	31,466		31,424		31,451		31,461
Effect of stock-based compensation awards	62		111		82		107
Weighted average diluted shares outstanding	31,528		31,535		31,533		31,568
Earnings Per Share:
Basic	$	1.04	$	1.21	$	1.22	$	2.32
Diluted	$	1.04	$	1.20	$	1.22	$	2.32