Common Shares and Net Income per Common Share

3 Months Ended

Mar. 30, 2024

Common Shares and Net Income per Common Share

Common Shares

On August 9, 2023, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares. Upon the closing of the European Divestiture on December 29, 2023, an incremental $25.0 million share repurchase was authorized, revising the total share repurchase authorization to $75.0 million. For the three months ended March 30, 2024, we repurchased 582,944 common shares for approximately $9.1 million through open market transactions under this repurchase plan.

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 that expired on August 14, 2023. For the three months ended April 1, 2023, we repurchased 1,112,514 common shares for approximately $16.6 million through open market transactions under this repurchase plan.

Shares purchased under these repurchase plans were subsequently canceled.

Net Income per Common Share

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the periods presented. Diluted net income per common share is calculated by dividing net income 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
(in thousands)		March 30, 2024	April 1, 2023
Weighted-average common shares outstanding - basic		159,573	159,726
Dilutive effect of Stock Options		344	367
Dilutive effect of Performance based RSUs		213	205
Dilutive effect of Time-based RSUs		319	483
Weighted-average common shares outstanding - diluted		160,449	160,781

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


	For the Three Months Ended
(in thousands)		March 30, 2024	April 1, 2023
Stock Options		1,345	1,396
Performance-based RSUs 1		1,317	1,230
Time-based RSUs 2		—	—

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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.