Earnings Per Share

9 Months Ended

Oct. 01, 2022

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


	Three Months Ended				Nine Months Ended
(in thousands, except per share amounts)	October 1, 2022		September 25, 2021		October 1, 2022		September 25, 2021
Numerator:
Net income as reported	$	75,468	$	92,054	$	280,002	$	231,862

Denominator:
Weighted average shares outstanding
Basic	24,755		24,622		24,726		24,582
Effect of dilutive securities	233		304		260		322
Diluted	24,988		24,926		24,986		24,904

Earnings Per Share:
Basic earnings per share	$	3.05	$	3.74	$	11.32	$	9.43
Diluted earnings per share	$	3.02	$	3.69	$	11.21	$	9.31

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 92,052 and 57,936 for the three months ended October 1, 2022 and September 25, 2021, respectively, and 84,027 and 32,773 for the nine months ended October 1, 2022 and September 25, 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 nine months ended October 1, 2022, and September 25, 2021.