Earnings Per Share

6 Months Ended

Jul. 01, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

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				Twenty-six Weeks Ended
in thousands, except per share data	July 1, 2021		June 25, 2020		July 1, 2021		June 25, 2020
Net income	$	82,916	$	32,004	$	158,712	$	69,067
Basic weighted average shares outstanding	104,544		102,114		104,309		101,872
Dilutive effect of share-based awards	2,721		3,352		2,877		3,604
Diluted weighted average shares outstanding	107,265		105,466		107,186		105,476
Basic earnings per share	$	0.79	$	0.31	$	1.52	$	0.68
Diluted earnings per share	$	0.77	$	0.30	$	1.48	$	0.65

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		Twenty-six Weeks Ended
in thousands	July 1, 2021	June 25, 2020	July 1, 2021	June 25, 2020
Stock options	67	591	81	599
Restricted stock	1	260	1	260
Restricted stock units	6	106	6	106