Earnings Per Share

9 Months Ended

Sep. 28, 2019

10.	Earnings Per Share

Basic earnings per share is calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding nonvested restricted stock and stock options which are considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are calculated using the treasury stock method and are computed based on outstanding stock-based awards. Stock-based awards of 96,000 shares and 63,000 shares were excluded from the calculation of diluted earnings per share as of September 28, 2019 and September 29, 2018, respectively, as their effect would have been anti-dilutive.

The following table sets forth the computation of basic earnings per share and diluted earnings per share:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in thousands, except per share data)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Numerator
Net income	$	21,308	$	34,017	$	66,213	$	99,003
Denominator:
Weighted average basic shares outstanding		32,522		32,985		32,656		33,177
Effect of stock-based compensation awards		72		110		82		90
Weighted average diluted shares outstanding		32,594		33,095		32,738		33,267
Earnings Per Share:
Basic	$	0.66	$	1.03	$	2.03	$	2.98
Diluted	$	0.65	$	1.03	$	2.02	$	2.98