Earnings Per Share

3 Months Ended

Mar. 28, 2020

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

Basic earnings per share is calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock and shares of our common stock underlying RSUs and stock options that 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. Stock-based awards of 91,273 shares and 114,000 shares were excluded from the calculation of diluted earnings per share as of March 28, 2020 and March 30, 2019, respectively, as their effect would have been anti-dilutive.

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

	Thirteen Weeks Ended
(in thousands, except per share data)	March 28, 2020		March 30, 2019
Numerator
Net income	$	22,775	$	23,407
Denominator:
Weighted average basic shares outstanding		32,354		32,801
Effect of stock-based compensation awards		72		88
Weighted average diluted shares outstanding		32,426		32,889
Earnings Per Share:
Basic	$	0.70	$	0.71
Diluted	$	0.70	$	0.71