Earnings Per Share

12 Months Ended

Dec. 26, 2020

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 and unvested restricted stock units 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 approximately 35,975 shares, 92,000 shares and 116,000 shares were excluded from the calculation of diluted earnings per share as of December 26, 2020, December 28, 2019 and December 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:

	For the Year Ended
(in thousands, except per share data)	December 26, 2020		December 28, 2019		December 29, 2018
Numerator:
Net income	$	106,870	$	83,762	$	133,602
Denominator:
Weighted average basic shares outstanding		32,280		32,606		33,097
Effect of compensation awards		93		82		110
Weighted average diluted shares outstanding		32,373		32,688		33,207
Earnings Per Share:
Basic	$	3.31	$	2.57	$	4.04
Diluted	$	3.30	$	2.56	$	4.02