Earnings Per Share

6 Months Ended

Jul. 02, 2022

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)	July 2, 2022		June 26, 2021		July 2, 2022		June 26, 2021
Numerator:
Net income as reported	$	87,016	$	82,095	$	204,534	$	139,808

Denominator:
Weighted average shares outstanding
Basic	24,734		24,592		24,712		24,562
Effect of dilutive securities	251		308		274		332
Diluted	24,985		24,900		24,986		24,894

Earnings Per Share:
Basic earnings per share	$	3.52	$	3.34	$	8.28	$	5.69
Diluted earnings per share	$	3.48	$	3.30	$	8.19	$	5.62

Potential shares of common stock relating to stock options and restricted share units excluded from the earnings per share calculation because their effect would be anti-dilutive were 88,130 and 41,216 for the three months ended July 2, 2022 and June 26, 2021, respectively, and 72,970 and 20,266 for the six months ended July 2, 2022 and June 26, 2021, respectively.

Share Repurchase Program

On April 28, 2021, the Company announced that the Board of Directors authorized a new three year program to repurchase up to $300.0 million in the aggregate of shares of the Company’s common stock for the period May 1, 2021 to April 30, 2024 to replace its previous 2020 program.

The Company did not repurchase any shares of its common stock for the three and six months ended July 2, 2022, and June 26, 2021.