Earnings Per Share

3 Months Ended

Mar. 29, 2020

The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):


	Three months ended
	March 29, 2020		March 31, 2019
Net income	$	69,695	$	127,945

Basic weighted-average shares outstanding	153,004		159,311
Effect of dilutive securities – employee stock compensation plan	740		715
Diluted weighted-average shares outstanding	153,744		160,026
Earnings per share:
Basic	$	0.46	$	0.80
Diluted	$	0.45	$	0.80

Outstanding options to purchase 1.7 million and 1.2 million shares of common stock for the three months ended March 29, 2020 and March 31, 2019, respectively, were not included in the effect of dilutive securities because the exercise price was greater than the market price, and therefore, the effect would have been anti-dilutive.

The Company has a share-based compensation plan under which employees may be granted share-based awards including restricted stock units (RSUs). Non-forfeitable dividend equivalents are paid on unvested RSUs. As such, RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC Topic 260, Earnings Per Share. The two-class method of calculating earnings per share did not have a material impact on the Company’s earnings per share calculations for the three months ended March 29, 2020 and March 31, 2019.