Earnings Per Share

3 Months Ended

Mar. 27, 2021

8.	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 RSAs and RSUs 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 9,000 shares and 91,273 shares were excluded from the calculation of diluted earnings per share as of March 27, 2021 and March 28, 2020, 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
(in thousands, except per share data)	March 27, 2021		March 28, 2020
Numerator
Net income	$	32,730	$	22,775
Denominator:
Weighted average basic shares outstanding		32,048		32,354
Effect of stock-based compensation awards		136		72
Weighted average diluted shares outstanding		32,184		32,426
Earnings Per Share:
Basic	$	1.02	$	0.70
Diluted	$	1.02	$	0.70