Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Basic and diluted net income per share

The calculations for basic and diluted net income per share for the three and six months ended June 30, 2023 and July 2, 2022 are as follows:

	Three Months Ended				Six Months Ended
	June 30, 2023		July 2, 2022		June 30, 2023		July 2, 2022
	(In thousands, except per share amounts)
Net income	$	221,120	$	186,920	$	462,924	$	422,255
Weighted average common shares used to calculate basic net income per share	269,714		271,520		269,607		272,028
Stock-based awards	3,282		3,652		3,471		4,069
Weighted average common shares used to calculate diluted net income per share	272,996		275,172		273,078		276,097
Net income per share - basic	$	0.82	$	0.69	$	1.72	$	1.55
Net income per share - diluted	$	0.81	$	0.68	$	1.70	$	1.53

Potential shares of Cadence's common stock excluded

The following table presents shares of Cadence’s common stock outstanding for the three and six months ended June 30, 2023 and July 2, 2022 that were excluded from the computation of diluted net income per share because the effect of including these shares in the computation of diluted net income per share would have been anti-dilutive:

	Three Months Ended		Six Months Ended
	June 30, 2023	July 2, 2022	June 30, 2023	July 2, 2022
	(In thousands)
Long-term market-based awards	1,830	1,658	1,828	1,347
Options to purchase shares of common stock	525	857	429	760
Non-vested shares of restricted stock	6	81	28	82
Total potential common shares excluded	2,361	2,596	2,285	2,189