Earnings Per Share

9 Months Ended

Sep. 25, 2021

10.	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 RSAs and RSUs 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 that were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive were 19,000 shares and 34,000 shares for the three months ended September 25, 2021 and September 26, 2020, respectively, and 16,000 shares and 141,000 shares for the nine months ended September 25, 2021 and September 26, 2020, respectively.

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

	Three Months Ended				Nine Months Ended
(in thousands, except per share data)	September 25, 2021		September 26, 2020		September 25, 2021		September 26, 2020
Numerator
Net income	$	33,104	$	34,259	$	97,452	$	70,919
Denominator:
Weighted average basic shares outstanding		31,692		32,281		31,895		32,317
Effect of stock-based compensation awards		150		90		144		77
Weighted average diluted shares outstanding		31,842		32,371		32,039		32,394
Earnings Per Share:
Basic	$	1.04	$	1.06	$	3.06	$	2.19
Diluted	$	1.04	$	1.06	$	3.04	$	2.19