Earnings Per Share

3 Months Ended

Apr. 01, 2021

Net Income per Common Share

The Company calculates basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of share-based awards.

The following table shows the computation of basic and diluted earnings per share:


	Thirteen Weeks Ended
in thousands, except per share data	April 1, 2021		March 26, 2020
Net income	$	75,796	$	37,063
Basic weighted average shares outstanding	104,073		101,629
Dilutive effect of share-based awards	3,026		3,881
Diluted weighted average shares outstanding	107,099		105,510
Basic earnings per share	$	0.73	$	0.36
Diluted earnings per share	$	0.71	$	0.35

The following potentially dilutive securities were excluded from the computation of diluted earnings per share as a result of their anti-dilutive effect:


	Thirteen Weeks Ended
in thousands	April 1, 2021	March 26, 2020
Stock options	81	590
Restricted stock	18	284
Restricted stock units	100	108