Earnings Per Share

6 Months Ended

Jun. 29, 2024

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 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net income as reported	$	45,466	$	70,071	$	93,918	$	158,816

Denominator:
Weighted average shares outstanding
Basic	24,822		24,839		24,867		24,810
Effect of dilutive securities	208		256		208		268
Diluted	25,030		25,095		25,075		25,078

Earnings Per Share:
Basic earnings per share	$	1.83	$	2.82	$	3.78	$	6.40
Diluted earnings per share	$	1.82	$	2.79	$	3.75	$	6.33

Potential shares of common stock relating to stock options and restricted share units are excluded from the earnings per share calculation because their effect would be anti-dilutive were 141,729 and 110,598 for the three months ended June 29, 2024 and July 1, 2023, respectively, and 129,096 and 102,283 for the six months ended June 29, 2024 and July 1, 2023, respectively.

Share Repurchase Program

The Company’s Board of Directors authorized the repurchase of up to $300.0 million in the aggregate of shares of the Company’s common stock under a program for the period May 1, 2021 to April 30, 2024 ("2021 program"). On April 25, 2024, the Company's 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 stock for the period May 1, 2024 to April 30, 2027 ("2024 program") to replace the expired 2021 program. During the three and six months ended June 29, 2024, the Company repurchased 109,031 and 179,311 shares of its common stock totaling $24.7 million and $40.9 million, respectively, of which $38.9 million was pursuant to the 2021 program and $2.0 million was pursuant to the 2024 program. The Company did not repurchase shares of its common stock for the three and six months ended July 1, 2023.