Common Shares and Net Income (Loss) per Common Share

9 Months Ended

Oct. 01, 2022

Earnings Per Share [Abstract]

Common Shares and Net Income (Loss) per Common Share

Common Shares and Net Income (Loss) per Common Share

Common Shares

On August 9, 2022, our Board of Directors approved a share repurchase program for up to $100.0 million of our outstanding common shares over a 12-month period commencing on August 15, 2022. For both the three and nine months ended October 1, 2022, we repurchased 812,696 common shares for approximately $10.9 million through open market transactions under the repurchase plan. Shares purchased under the repurchase plan were subsequently canceled. There can be no assurance as to the precise number of common shares, if any, that will be repurchased under the repurchase plan in the future, or the aggregate dollar amount of common shares to be purchased in future periods. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.

On May 4, 2021, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares over a 12-month period commencing on May 10, 2021. We did not repurchase any outstanding common shares under the plan for the nine months ended October 1, 2022 and the program has now expired. In total, we repurchased 2,646,831 common shares for $43.5 million under this share repurchase program which were subsequently canceled.

Net Income (Loss) per Common Share

Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, performance-based RSUs, and time-based RSUs during the periods presented. The components of weighted average basic and diluted shares outstanding are below:

	For the Three Months Ended		For the Nine Months Ended
	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Weighted average common shares outstanding - basic	161,117	160,481	161,064	160,892
Dilutive effect of Stock Options	161	919	—	—
Dilutive effect of Performance-based RSUs	215	214	—	—
Dilutive effect of Time-based RSUs	495	318	—	—
Weighted average common shares outstanding - diluted	161,988	161,932	161,064	160,892

The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated:

	For the Three Months Ended		For the Nine Months Ended
(in thousands)	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Stock Options	3,838	1,606	4,587	5,445
Performance-based RSUs 1	725	511	1,189	870
Time-based RSUs 2	—	1	867	469

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1     Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of performance targets for these awards.

2     Time-based RSUs represent the number of shares expected to be issued based on known employee retention information.