Common Stock and Earnings Per Share

6 Months Ended

Jun. 29, 2024

COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per share (“EPS”) is based on the weighted-average number of shares outstanding for each period. Shares that have been repurchased and retired during the periods specified below have been included in the calculation of the number of weighted-average shares that are outstanding for the calculation of basic EPS based on the time they were outstanding in any period. Diluted EPS is based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares. Shares that are included in the diluted EPS calculations under the treasury stock method include equity awards that are in-the-money but have not yet been exercised.

The following is a reconciliation of the numerator and denominator used to calculate basic EPS and diluted EPS for the periods indicated:


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net earnings available to common shareholders	$	10,432	$	17,292	$	26,969	$	35,675
Weighted average common shares outstanding - basic	19,073		19,321		19,123		19,302
Dilutive effect of in-the-money equity awards	86		106		107		75
Weighted average common shares outstanding - diluted	19,159		19,427		19,230		19,377
Earnings per common share from net earnings - basic	$	0.55	$	0.89	$	1.41	$	1.85
Earnings per common share from net earnings - diluted	$	0.54	$	0.89	$	1.40	$	1.84

Equity awards for the following shares were not included in the computation of diluted EPS due to the fact that their effect would be anti-dilutive:


Three Months Ended		Six Months Ended
June 29, 2024	July 1, 2023	June 29, 2024	July 1, 2023
696	354	541	325

There were no shares repurchased during the three months ended June 29, 2024 and July 1, 2023. During the six months ended June 29, 2024, the Company repurchased and retired 194 shares for $9,483, inclusive of accrued excise tax of $39. There were no shares repurchased during the six months ended July 1, 2023.

The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. The purchase of shares under this plan reduces the number of shares outstanding in the above calculations.

As of June 29, 2024, the remaining authorized repurchase amount under the stock repurchase plan was $61,703, inclusive of accrued excise tax. There is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases.