Earnings Per Share

3 Months Ended

Apr. 01, 2023

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


	Three Months Ended
(in thousands, except per share amounts)	April 1, 2023		April 2, 2022
Numerator:
Net income as reported	$	88,745	$	117,518

Denominator:
Weighted average shares outstanding
Basic	24,782		24,689
Effect of dilutive securities	280		292
Diluted	25,062		24,981

Earnings Per Share:
Basic earnings per share	$	3.58	$	4.76
Diluted earnings per share	$	3.54	$	4.70

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 90,297 and 57,928 for the three months ended April 1, 2023 and April 2, 2022, 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 months ended April 1, 2023, and April 2, 2022.