Earnings Per Share

6 Months Ended

Jun. 27, 2020

11.	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 unvested restricted stock and shares of our common stock underlying RSUs and stock options that 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 123,000 shares and 54,000 shares were excluded from the calculation of diluted earnings per share as of June 27, 2020 and June 29, 2019, 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				Twenty-Six Weeks Ended
(in thousands, except per share data)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Numerator
Net income	$	13,885	$	21,499	$	36,660	$	44,905
Denominator:
Weighted average basic shares outstanding		32,269		32,588		32,312		32,722
Effect of stock-based compensation awards		69		88		76		89
Weighted average diluted shares outstanding		32,338		32,676		32,388		32,811
Earnings Per Share:
Basic	$	0.43	$	0.66	$	1.13	$	1.37
Diluted	$	0.43	$	0.66	$	1.13	$	1.37