Earnings Per Share

6 Months Ended

Jun. 29, 2024

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 June 29, 2024 and July 1, 2023, there were approximately 225,000 shares and 353,000 shares, respectively, and for the six months ended June 29, 2024 and July 1, 2023 there were approximately 272,000 shares and 295,000 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)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023

Net income	$	47,410	$	32,770	$	80,238	$	38,453
Denominator:
Weighted average basic shares outstanding	30,957		31,466		31,048		31,451
Effect of stock-based compensation awards	114		62		112		82
Weighted average diluted shares outstanding	31,071		31,528		31,160		31,533
Earnings Per Share:
Basic	$	1.53	$	1.04	$	2.58	$	1.22
Diluted	$	1.53	$	1.04	$	2.58	$	1.22