Earnings Per Share

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

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)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Numerator:
Net income as reported	$	58,058	$	57,788	$	151,976	$	216,604
Denominator:
Weighted average shares outstanding
Basic	24,796		24,893		24,822		24,838
Effect of dilutive securities	229		250		218		262
Diluted	25,025		25,143		25,040		25,100
Earnings Per Share:
Basic earnings per share	$	2.34	$	2.32	$	6.12	$	8.72
Diluted earnings per share	$	2.32	$	2.30	$	6.07	$	8.63

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 124,197 and 80,828 for the three months ended September 28, 2024 and September 30, 2023, respectively, and 136,635 and 106,156 for the nine months ended September 28, 2024 and September 30, 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. The Company did not repurchase shares of its common stock for the three months ended September 28, 2024. During the nine months ended September 28, 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million, 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 nine months ended September 30, 2023.