Earnings Per Share

12 Months Ended

Dec. 29, 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 for the periods presented:

	Fiscal Year Ended
in thousands, except per share data	December 29, 2022		December 30, 2021		December 31, 2020
Net income	$	298,195	$	283,230	$	194,981
Basic weighted average shares outstanding	105,626		104,683		102,690
Dilutive effect of share-based awards	1,817		2,707		3,452
Diluted weighted average shares outstanding	107,443		107,390		106,142
Basic earnings per share	$	2.82	$	2.71	$	1.90
Diluted earnings per share	$	2.78	$	2.64	$	1.84

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

	Fiscal Year Ended
in thousands	December 29, 2022	December 30, 2021	December 31, 2020
Stock options	69	71	320
Restricted stock units	267	—	—