Net Income Per Share

9 Months Ended

Oct. 02, 2022

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

The calculation of basic and diluted net income per share was as follows:

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
Net income	$	50,542	$	41,171	$	136,095	$	148,261
Common stock:
Weighted average basic shares outstanding	212,805		222,373		214,032		222,527
Dilutive effect of stock options and restricted shares	1,796		2,685		1,971		3,201
Weighted average diluted shares outstanding	214,601		225,058		216,003		225,728
Net income per share:
Basic	$	.24	$	.19	$	.64	$	.67
Diluted	$	.24	$	.18	$	.63	$	.66

Basic net income per share for the three and nine months ended October 2, 2022 and October 3, 2021 was computed by dividing net income amounts by the weighted average number of shares of common stock outstanding. Diluted net income per share was computed by dividing net income by the weighted average number of basic shares outstanding plus the potential common share effect of dilutive stock options and restricted shares. We excluded potential common shares of 4,298 and 4,377 for the three and nine months ended October 2, 2022, respectively, and 2,746 and 2,147 for the three and nine months ended October 3, 2021, respectively, from our diluted net income per share calculation as they would have had anti-dilutive effects.