Earnings Per Share

3 Months Ended

Mar. 31, 2022

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	March 31, 2022		April 1, 2021
Net income	$	70,951	$	75,796
Basic weighted average shares outstanding	105,398		104,073
Dilutive effect of share-based awards	2,141		3,026
Diluted weighted average shares outstanding	107,539		107,099
Basic earnings per share	$	0.67	$	0.73
Diluted earnings per share	$	0.66	$	0.71

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	March 31, 2022	April 1, 2021
Stock options	70	81
Restricted stock	—	18
Restricted stock units	212	100