Earnings Per Share

6 Months Ended

Jul. 01, 2023

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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Numerator:
Net income as reported	$	70,071	$	87,016	$	158,816	$	204,534

Denominator:
Weighted average shares outstanding
Basic	24,839		24,734		24,810		24,712
Effect of dilutive securities	256		251		268		274
Diluted	25,095		24,985		25,078		24,986

Earnings Per Share:
Basic earnings per share	$	2.82	$	3.52	$	6.40	$	8.28
Diluted earnings per share	$	2.79	$	3.48	$	6.33	$	8.19

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 110,598 and 88,130 for the three months ended July 1, 2023 and July 2, 2022, respectively, and 102,283 and 72,970 for the six months ended July 1, 2023 and July 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 shares of its common stock for the three and six months ended July 1, 2023, and July 2, 2022.