Earnings Per Share

12 Months Ended

Dec. 25, 2021

13. 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 RSAs 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 14,250 shares, 35,975 shares and 92,000 shares were excluded from the calculation of diluted earnings per share for fiscal 2021, fiscal 2020 and fiscal 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:

	For the Year Ended
(in thousands, except per share data)	December 25, 2021		December 26, 2020		December 28, 2019
Numerator:
Net income	$	131,532	$	106,870	$	83,762
Denominator:
Weighted average basic shares outstanding		31,810		32,280		32,606
Effect of compensation awards		151		93		82
Weighted average diluted shares outstanding		31,961		32,373		32,688
Earnings Per Share:
Basic	$	4.13	$	3.31	$	2.57
Diluted	$	4.12	$	3.30	$	2.56