Earnings Per Share

6 Months Ended

Jun. 28, 2025

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

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

For the three months ended June 28, 2025, and June 29, 2024, there were approximately 127,000 shares and 225,000 shares, respectively, and for the six months ended June 28, 2025, and June 29, 2024, there were approximately 83,000 shares and 272,000 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 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Numerator:
Net income	$	58,709	$	47,410	$	116,214	$	80,238
Denominator:
Weighted average basic shares outstanding	30,518		30,957		30,547		31,048
Effect of stock-based compensation awards	162		114		197		112
Weighted average diluted shares outstanding	30,680		31,071		30,744		31,160
Earnings Per Share:
Basic	$	1.92	$	1.53	$	3.80	$	2.58
Diluted	$	1.91	$	1.53	$	3.78	$	2.58