Earnings Per Share

9 Months Ended

Sep. 30, 2023

Basic 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 September 30, 2023 and September 24, 2022, there were approximately 294,000 shares and 31,000 shares, respectively, and for the nine months ended September 30, 2023 and September 24, 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				Nine Months Ended
(in thousands, except per share data)	September 30, 2023		September 24, 2022		September 30, 2023		September 24, 2022

Net income	$	40,522	$	30,601	$	78,975	$	103,713
Denominator:
Weighted average basic shares outstanding	31,483		31,411		31,462		31,444
Effect of stock-based compensation awards	71		134		78		117
Weighted average diluted shares outstanding	31,555		31,545		31,540		31,561
Earnings Per Share:
Basic	$	1.29	$	0.97	$	2.51	$	3.30
Diluted	$	1.28	$	0.97	$	2.50	$	3.29