Computation of Earnings Per Share

6 Months Ended

Jun. 30, 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				For the Six Months Ended
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
In thousands, except per share amounts
Net earnings	$	5,255	$	3,774	$	4,486	$	7,649

Basic:
Weighted average number of shares outstanding	28,203		28,005		28,160		27,977
Basic earnings per share	$	0.19	$	0.13	$	0.16	$	0.27

Diluted:
Weighted average number of shares outstanding	28,203		28,005		28,160		27,977
Weighted average shares issuable on exercise of dilutive stock options	152		54		151		94
Total	28,355		28,059		28,311		28,071

Diluted earnings per share	$	0.19	$	0.13	$	0.16	$	0.27

Equity awards

For the three-month and six-month fiscal periods ended June 30, 2023, respectively, 635,173 and 666,911 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. For the three-month and six-month fiscal periods ended July 1, 2022, respectively, 720,540 and 682,971 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.

Convertible Notes

For both three-month and six-month fiscal periods ended June 30, 2023 and July 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.