Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share Reconciliation [Abstract]

COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each period. The computation of diluted earnings per share reflects the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan, shares issuable on redemption of its convertible notes and shares issuable upon redemption of outstanding warrants.


	For the Three Months Ended
	March 31, 2023		April 1, 2022
In thousands, except per share amounts
Net (loss) earnings	$	(19)	$	4,028

Basic:
Weighted average number of shares outstanding	28,117		27,950
Basic (loss) earnings per share	$	(0.00)	$	0.14

Diluted:
Weighted average number of shares outstanding	28,117		27,950
Weighted average shares issuable on exercise of dilutive stock options	—		132
Total	28,117		28,082

Diluted (loss) earnings per share	$	(0.00)	$	0.14

Equity awards

For the three-month fiscal periods ended March 31, 2023 and April 1, 2022, respectively, 698,648 and 645,403 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the periods.

All outstanding stock awards were excluded in the computation of diluted earnings per share in the three-month fiscal period ended March 31, 2023 because their effect was antidilutive due to the net loss. For the three-month fiscal periods ended March 31, 2023, an additional 149,699 shares issuable under equity awards, which would have been dilutive if exercised based on the average market price being higher than the exercise price, were excluded from the computation of diluted earnings per share as their effect was antidilutive due to the net loss.

2024 Convertible Notes

For both three-month fiscal periods ended March 31, 2023 and April 1, 2022, 3,056,879 shares issuable under Convertible Notes due 2024 were excluded from the diluted earnings per share calculation because their effect was antidilutive.