Net Income Per Share

6 Months Ended

Jul. 01, 2023

Net Income Per Share:

The Company presents both basic and diluted net income per share on the Condensed Consolidated Statements of Income. Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average diluted shares outstanding during the period. Dilutive shares are computed using the treasury stock method for share-based awards. Performance-based restricted share units are included in diluted shares only if the related performance conditions are considered satisfied as of the end of the reporting period. Net income per share is calculated as follows (in thousands, except per share amounts):


	Fiscal Three Months Ended
	July 1, 2023					June 25, 2022
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic net income per share:	$	421,234	109,426	$	3.85	$	396,478	111,590	$	3.55
Dilutive effect of share-based awards	—		615	(0.02)		—		728	(0.02)
Diluted net income per share:	$	421,234	110,041	$	3.83	$	396,478	112,318	$	3.53


	Fiscal Six Months Ended
	July 1, 2023					June 25, 2022
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic net income per share:	$	604,322	109,735	$	5.51	$	583,705	112,060	$	5.21
Dilutive effect of share-based awards	—		676	(0.04)		—		851	(0.04)
Diluted net income per share:	$	604,322	110,411	$	5.47	$	583,705	112,911	$	5.17

Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million shares for each of the fiscal three months ended July 1, 2023 and June 25, 2022. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million share for the fiscal six months ended July 1, 2023 and approximately 0.1 million shares for the fiscal six months ended June 25, 2022.