Earnings Per Share

12 Months Ended

Dec. 28, 2019

Earnings Per Share [Abstract]

Earnings Per Share

14. Earnings Per Share

Basic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock which is 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 approximately 92,000 shares, 116,000 shares and 106,000 shares were excluded from the calculation of diluted earnings per share as of December 28, 2019, December 29, 2018 and December 30, 2017, 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:

(in thousands, except per share data)	2019		2018		2017
Numerator:
Net income	$	83,762	$	133,602	$	106,599
Denominator:
Weighted average basic shares outstanding		32,606		33,097		33,964
Effect of compensation awards		82		110		88
Weighted average diluted shares outstanding		32,688		33,207		34,052
Earnings Per Share:
Basic	$	2.57	$	4.04	$	3.14
Diluted	$	2.56	$	4.02	$	3.13