Net Income Per Share

6 Months Ended

Jul. 03, 2022

Basic net income per share was calculated by dividing net income by the weighted average number of outstanding common shares for the period. Diluted net income per share was calculated consistent with basic net income per share including the effect of dilutive unissued common shares related to the Company's stock-based employee compensation program. The effect of stock options, RSUs and RSAs on net income per share-diluted is determined through the application of the treasury stock method, whereby net proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company's common stock at the average market price during the period.

The following table sets forth the computation of net income per share (in millions except per share amounts):


	Three Months Ended				Six Months Ended
	July 3, 2022		June 27, 2021		July 3, 2022		June 27, 2021
Net income	$	82.7	$	82.9	$	164.2	$	155.4
Weighted average common shares outstanding	133.9		134.8		134.1		134.7
Effect of dilutive stock awards	0.1		0.5		0.2		0.6
Weighted average common shares outstanding and potential common shares	134.0		135.3		134.3		135.3
Net income per share
Basic	$	0.62	$	0.61	$	1.22	$	1.15
Diluted	$	0.62	$	0.61	$	1.22	$	1.15

The weighted number of shares outstanding used in the calculation of diluted earnings per share does not include the effect of the following anti-dilutive securities and awards subject to performance and market conditions which have not been fully satisfied at the end of the respective reporting periods (in millions):


	Three Months Ended		Six Months Ended
	July 3, 2022	June 27, 2021	July 3, 2022	June 27, 2021
Anti-dilutive awards	0.4	0.1	0.3	0.1
Awards subject to conditions not fully satisfied	0.3	0.2	0.2	0.2
Total	0.7	0.3	0.5	0.3

Share Repurchase Program

On August 2, 2021, the Company’s Board of Directors authorized a share repurchase program under which the Company can repurchase up to $400.0 million (exclusive of fees and commissions) of shares of its common stock (the “Repurchase Program”). The Repurchase Program expires on August 3, 2026. The shares under the Repurchase Program may be repurchased through open market, privately negotiated transactions, accelerated share repurchase transactions or other means, including under plans complying with the provisions of Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and amount of common stock to be repurchased under this Repurchase Program will be subject to the discretion of the Company based upon market conditions and other opportunities the Company may have to deploy capital. The Repurchase Program does not obligate

the Company to acquire any specific number of shares of its common stock, and the Repurchase Program may be suspended or discontinued at any time.

During the three and six months ended July 3, 2022, the Company repurchased 521,056 shares and 751,285 shares of its common stock for an aggregate gross purchase price of approximately $18.8 million and $27.2 million, respectively, pursuant to the Repurchase Program. As of July 3, 2022, approximately $338.8 million remained available under the Repurchase Program.