Earnings (Loss) Per Share

9 Months Ended

Oct. 01, 2022

Earnings (Loss) Per Share

Earnings (Loss) Per Share

3. Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations (in thousands, except per share data):

	Three Months Ended				Nine Months Ended
	October 1,		October 2,		October 1,		October 2,
	2022		2021		2022		2021
Income (loss) from continuing operations	$	20,999	$	(19,740)	$	66,041	$	(63,387)
Shares used in computing basic earnings (loss) per share		34,079		43,385		35,935		44,103
Effect of dilutive securities:
Stock-based awards and convertible debt		700		—		1,033		—
Shares used in computing diluted earnings (loss) per share		34,779		43,385		36,968		44,103
Earnings (loss) per share:
Basic	$	0.62	$	(0.45)	$	1.84	$	(1.44)
Diluted	$	0.60	$	(0.45)	$	1.79	$	(1.44)

Diluted shares for the three and nine months ended October 2, 2021 excluded 1.2 million and 1.3 million shares, respectively, due to the Company’s loss from continuing operations for the periods.

The Company has irrevocably elected to settle the principal amount of its convertible senior notes in cash and intends to settle any excess value in shares in the event of a conversion. For the three months ended October 1, 2022 and October 2, 2021 and the nine months ended October 1, 2022 and October 2, 2021, approximately 0.4 million, 0.7 million, 0.7 million and 0.8 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 7, Debt, to the Condensed Consolidated Financial Statements for additional information.