Earnings Per Share

6 Months Ended

Jun. 26, 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 that were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive were 19,000 shares and 123,000 shares for the three months ended June 26, 2021 and June 27, 2020, respectively, and 14,000 shares and 107,000 shares for the six months ended June 26, 2021 and June 27, 2020, respectively.

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

	Three Months Ended				Six Months Ended
(in thousands, except per share data)	June 26, 2021		June 27, 2020		June 26, 2021		June 27, 2020
Numerator
Net income	$	31,618	$	13,885	$	64,348	$	36,660
Denominator:
Weighted average basic shares outstanding		31,942		32,269		31,995		32,312
Effect of stock-based compensation awards		147		69		141		76
Weighted average diluted shares outstanding		32,089		32,338		32,136		32,388
Earnings Per Share:
Basic	$	0.99	$	0.43	$	2.01	$	1.13
Diluted	$	0.99	$	0.43	$	2.00	$	1.13