Earnings Per Share

6 Months Ended

Jun. 25, 2020

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 25, 2020		June 27, 2019		June 25, 2020		June 27, 2019
Net income	$	32,004	$	43,596	$	69,067	$	74,316
Basic weighted average shares outstanding	102,114		98,642		101,872		98,214
Dilutive effect of share-based awards	3,352		6,198		3,604		6,392
Diluted weighted average shares outstanding	105,466		104,840		105,476		104,606
Basic earnings per share	$	0.31	$	0.44	$	0.68	$	0.76
Diluted earnings per share	$	0.30	$	0.42	$	0.65	$	0.71

The following share-based awards have been excluded from the computation of dilutive earnings per share because their effect would be anti-dilutive:


	Thirteen Weeks Ended			Twenty-six Weeks Ended
in thousands	June 25, 2020	June 27, 2019	June 25, 2020	June 27, 2019
Stock options	591	1,011	599	1,003
Restricted stock	260	—	260	—
Restricted stock units	106	—	106	—