Earnings Per Share

6 Months Ended

Jul. 04, 2021

EARNINGS PER SHARE

We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Basic weighted average shares outstanding have decreased in 2021 and 2020 due to share repurchases. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).

Basic and diluted weighted average shares outstanding were as follows (in thousands):


	Three Months Ended		Six Months Ended
	July 4, 2021	June 28, 2020	July 4, 2021	June 28, 2020
Basic weighted average shares outstanding	280,742	286,388	282,422	287,479
Dilutive effect of stock options and restricted stock/RSUs*	1,471	545	1,170	1,036
Diluted weighted average shares outstanding	282,213	286,933	283,592	288,515

* Excludes outstanding options to purchase shares of common stock that had exercise prices in excess of the average market price of our common stock during the period and, therefore, the effect of including these options would be antidilutive. These options totaled 5,392 and 8,746 for the three- and six-month periods ended July 4, 2021, and 7,723 and 6,811 for the three- and six-month periods ended June 28, 2020, respectively.