Earnings Per Share

6 Months Ended

Jun. 29, 2019

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



	Three Months Ended				Six Months Ended
(in thousands, except per share amounts)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Numerator:
Net income as reported	$	43,792	$	42,326	$	80,781	$	78,354

Denominator:
Weighted average shares outstanding
Basic	24,740		25,004		24,729		24,671
Effect of dilutive securities	243		397		269		415
Diluted	24,983		25,401		24,998		25,086

Earnings Per Share:
Basic earnings per share	$	1.77	$	1.69	$	3.27	$	3.18
Diluted earnings per share	$	1.75	$	1.67	$	3.23	$	3.12

Potential shares of common stock relating to stock options excluded from the earnings per share calculation because their effect would be anti-dilutive were 167,599 and 47,849 for the three months ended June 29, 2019 and June 30, 2018, respectively, and 121,326 and 23,659 for the six months ended June 29, 2019 and June 30, 2018, respectively .

Share Repurchase Program

The Company’s Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company’s common stock under a program for the period May 1, 2018 to April 30, 2019 ("2018 program"). On April 26, 2019, the Company's Board of Directors authorized a new program to repurchase up to 1,000,000 shares of the Company's common stock for the period May 1, 2019 to April 30, 2020 ("2019 program"). During the three and six months ended June 29, 2019, the Company repurchased 188,214 and 268,130 shares of its common stock totaling $32.0 million and $45.5 million, respectively.

As of July 26, 2019, the Company repurchased 49,816 shares of its common stock since the quarter ended June 29, 2019.