Earnings Per Share

6 Months Ended

Jul. 01, 2023

NOTE 12. Earnings Per Share

Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Restricted stock units, employee stock purchase grants and stock options are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive.

The Company’s basic and diluted earnings per share amounts are as follows:


	Three Months Ended				Six Months Ended
	July 1,		July 2,		July 1,		July 2,
	2023		2022		2023		2022
Numerator:
Net income	$	25,896	$	51,575	$	54,964	$	104,905
Denominator:
Basic earnings per share - weighted average shares outstanding		48,976		49,617		48,865		49,525
Effect of potential dilutive securities:
Employee stock options, employee stock purchase grants and restricted stock units - dilutive shares		298		290		310		384
Diluted earnings per share - weighted average shares outstanding		49,274		49,907		49,175		49,909
Earnings per share:
Basic	$	0.53	$	1.04	$	1.12	$	2.12
Diluted	$	0.53	$	1.03	$	1.12	$	2.10