Earnings Per Share

3 Months Ended

Mar. 26, 2022

11.	Earnings Per Share

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. Stock-based awards of approximately 27,000 shares and 9,000 shares were excluded from the calculation of diluted earnings per share for the three months ended March 26, 2022 and March 27, 2021, respectively, as the impact would have been antidilutive.

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

	Three Months Ended
(in thousands, except per share data)	March 26, 2022		March 27, 2021
Numerator
Net income	$	35,207	$	32,730
Denominator:
Weighted average basic shares outstanding		31,499		32,048
Effect of stock-based compensation awards		102		136
Weighted average diluted shares outstanding		31,601		32,184
Earnings Per Share:
Basic	$	1.12	$	1.02
Diluted	$	1.11	$	1.02