Earnings Per Share

3 Months Ended

Mar. 30, 2023

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 30, 2023		March 31, 2022
Net income	$	71,524	$	70,951
Basic weighted average shares outstanding	105,962		105,398
Dilutive effect of share-based awards	1,756		2,141
Diluted weighted average shares outstanding	107,718		107,539
Basic earnings per share	$	0.67	$	0.67
Diluted earnings per share	$	0.66	$	0.66

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 30, 2023	March 31, 2022
Stock options	62	70
Restricted stock units	291	212