Earnings Per Share

6 Months Ended

Jun. 30, 2022

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	June 30, 2022		July 1, 2021		June 30, 2022		July 1, 2021
Net income	$	81,832	$	82,916	$	152,783	$	158,712
Basic weighted average shares outstanding	105,545		104,544		105,471		104,309
Dilutive effect of share-based awards	1,755		2,721		1,960		2,877
Diluted weighted average shares outstanding	107,300		107,265		107,431		107,186
Basic earnings per share	$	0.78	$	0.79	$	1.45	$	1.52
Diluted earnings per share	$	0.76	$	0.77	$	1.42	$	1.48

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	June 30, 2022	July 1, 2021	June 30, 2022	July 1, 2021
Stock options	73	67	71	81
Restricted stock	12	1	—	1
Restricted stock units	318	6	225	6