Earnings Per Share

6 Months Ended

Jun. 27, 2020

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 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Numerator:
Net (loss) income as reported	$	(8,991)	$	43,792	$	15,653	$	80,781

Denominator:
Weighted average shares outstanding
Basic	24,312		24,740		24,353		24,729
Effect of dilutive securities	—		243		167		269
Diluted	24,312		24,983		24,520		24,998

(Loss) Earnings Per Share:
Basic (loss) earnings per share	$	(0.37)	$	1.77	$	0.64	$	3.27
Diluted (loss) earnings per share	$	(0.37)	$	1.75	$	0.64	$	3.23

Potential shares of common stock relating to stock options excluded from the earnings per share calculation because their effect would be anti-dilutive were 328,624 and 167,599 for the three months ended June 27, 2020 and June 29, 2019, respectively, and 212,290 and 121,326 for the six months ended June 27, 2020 and June 29, 2019, 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 to a 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") to replace its previous expired 2018 program. On April 23, 2020, 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, 2020 to April 30, 2021 (the "2020 program") to replace its previous expired 2019 program. The Company has suspended share repurchases for the near-term due to the uncertainty of the impact and duration of COVID-19 and to focus on other capital allocation priorities.

The Company did not repurchase any shares of its common stock for the three months ended June 27, 2020. During the three months ended June 29, 2019, the Company repurchased 188,214 shares of its common stock totaling $32.0 million. For the six months ended June 27, 2020 and June 29, 2019, the Company repurchased 175,110 and 268,130 shares of its common stock totaling $22.9 million and $45.5 million, respectively.