Earnings Per Share

9 Months Ended

Sep. 28, 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 using the treasury stock method.

The following table shows the computation of basic and diluted earnings per share:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
in thousands, except per share data	September 28, 2023		September 29, 2022		September 28, 2023		September 29, 2022
Net income	$	65,923	$	76,175	$	208,899	$	228,958
Basic weighted average shares outstanding	106,393		105,754		106,187		105,565
Dilutive effect of share-based awards	1,609		1,716		1,663		1,879
Diluted weighted average shares outstanding	108,002		107,470		107,850		107,444
Basic earnings per share	$	0.62	$	0.72	$	1.97	$	2.17
Diluted earnings per share	$	0.61	$	0.71	$	1.94	$	2.13

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		Thirty-nine Weeks Ended
in thousands	September 28, 2023	September 29, 2022	September 28, 2023	September 29, 2022
Stock options	56	71	56	70
Restricted stock	—	12	—	—
Restricted stock units	8	301	14	229