Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per ShareBasic 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 63,500 shares, 14,250 shares and 35,975 shares were excluded from the calculation of diluted earnings per share for fiscal 2022, fiscal 2021 and fiscal 2020, 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:


	For the Year Ended
(in thousands, except per share data)	December 31, 2022		December 25, 2021		December 26, 2020
Numerator:
Net income	$	121,549	$	131,532	$	106,870
Denominator:
Weighted average basic shares outstanding	31,434		31,810		32,280
Effect of compensation awards	109		151		93
Weighted average diluted shares outstanding	31,543		31,961		32,373
Earnings Per Share:
Basic	$	3.87	$	4.13	$	3.31
Diluted	$	3.85	$	4.12	$	3.30