Earnings Per Share

6 Months Ended

Jun. 29, 2023

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 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022
Net income	$	71,452	$	81,832	$	142,976	$	152,783
Basic weighted average shares outstanding	106,206		105,545		106,084		105,471
Dilutive effect of share-based awards	1,599		1,755		1,680		1,960
Diluted weighted average shares outstanding	107,805		107,300		107,764		107,431
Basic earnings per share	$	0.67	$	0.78	$	1.35	$	1.45
Diluted earnings per share	$	0.66	$	0.76	$	1.33	$	1.42

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 29, 2023	June 30, 2022	June 29, 2023	June 30, 2022
Stock options	56	73	56	71
Restricted stock	—	12	—	—
Restricted stock units	251	318	255	225