Earnings Per Share

9 Months Ended

Sep. 26, 2020

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, which exclude 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 141,000 shares and 96,000 shares were excluded from the calculation of diluted earnings per share as of September 26, 2020 and September 28, 2019, respectively, as their effect would have been anti-dilutive.

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

	Three Months Ended				Nine Months Ended
(in thousands, except per share data)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Numerator
Net income	$	34,259	$	21,308	$	70,919		$	66,213
Denominator:
Weighted average basic shares outstanding		32,281		32,522		32,317			32,656
Effect of stock-based compensation awards		90		72		77			82
Weighted average diluted shares outstanding		32,371		32,594		32,394			32,738
Earnings Per Share:
Basic	$	1.06	$	0.66	$	2.19		$	2.03
Diluted	$	1.06	$	0.65	$	2.19		$	2.02