Earnings Per Share

9 Months Ended

Sep. 30, 2023

Diluted EPS related to the 2025 Notes is calculated using the if-converted method; the number of dilutive shares is based on the initial conversion rate associated with the 2025 Notes. The 2025 Notes were dilutive for the nine months ended October 1, 2022. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


	Three Months Ended				Nine Months Ended
In thousands, except EPS	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Net income (loss)	$	(73,798)	$	11,502	$	(49,914)	$	51,383
After-tax interest expense for 2025 Notes	—		—		—		7,127
Numerator for diluted EPS	$	(73,798)	$	11,502	$	(49,914)	$	58,510
Weighted average shares outstanding for basic EPS	78,163		78,910		78,328		80,133
Effect of dilutive securities:
Stock options	—		168		—		189
Restricted stock units	—		226		—		244
2025 Notes	—		—		—		12,911
Weighted average shares outstanding for diluted EPS	78,163		79,304		78,328		93,477
Basic EPS	$	(0.94)	$	0.15	$	(0.64)	$	0.64
Diluted EPS	$	(0.94)	$	0.15	$	(0.64)	$	0.63
Anti-dilutive securities excluded from diluted weighted average common shares	14,166		13,363		14,046		460