Earnings Per Share

9 Months Ended

Oct. 01, 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		Nine Months Ended
	October 1, 2023	October 2, 2022	October 1, 2023	October 2, 2022
Basic weighted average shares outstanding	272,585	273,916	273,242	275,752
Dilutive effect of stock options and restricted stock/RSUs*	2,160	2,466	2,204	2,615
Diluted weighted average shares outstanding	274,745	276,382	275,446	278,367

* 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 4,464 and 4,101 for the three- and nine-month periods ended October 1, 2023, and 1,724 and 1,393 for the three- and nine-month periods ended October 2, 2022, respectively.