Earnings Per Share

6 Months Ended

Jul. 02, 2023

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 2023 and 2022 due to share repurchases. See Note K for further discussion of our 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 2, 2023	July 3, 2022	July 2, 2023	July 3, 2022
Basic weighted average shares outstanding	273,137	276,267	273,570	276,670
Dilutive effect of stock options and restricted stock/RSUs*	1,950	2,676	2,266	2,712
Diluted weighted average shares outstanding	275,087	278,943	275,836	279,382

* 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 4,468 and 3,925 for the three- and six-month periods ended July 2, 2023, and 1,713 and 1,212 for the three- and six-month periods ended July 3, 2022, respectively.