Earnings Per Share

9 Months Ended

Sep. 28, 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 September 28, 2024 and September 30, 2023, there were approximately 214,000 shares and 294,000 shares, respectively, and for the nine months ended September 28, 2024 and September 30, 2023 there were approximately 253,000 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				Nine Months Ended
(in thousands, except per share data)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Net income	$	55,253	$	40,522	$	135,491	$	78,975
Denominator:
Weighted average basic shares outstanding	30,570		31,483		30,888		31,462
Effect of stock-based compensation awards	169		71		131		78
Weighted average diluted shares outstanding	30,739		31,555		31,019		31,540
Earnings Per Share:
Basic	$	1.81	$	1.29	$	4.39	$	2.51
Diluted	$	1.80	$	1.28	$	4.37	$	2.50