Earnings Per Share

6 Months Ended

Jun. 25, 2022

Earnings Per Share [Abstract]

Earnings Per Share

11. 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 that were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive totaled 37,000 shares and 19,000 shares for the three months ended June 25, 2022 and June 26, 2021, respectively, and 32,000 shares and 14,000 shares for the six months ended June 25, 2022 and June 26, 2021, respectively.

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

	Three Months Ended				Six Months Ended
(in thousands, except per share data)	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Net income	$	37,905	$	31,618	$	73,112	$	64,348
Denominator:
Weighted average basic shares outstanding		31,424		31,942		31,461		31,995
Effect of stock-based compensation awards		111		147		107		141
Weighted average diluted shares outstanding		31,535		32,089		31,568		32,136
Earnings Per Share:
Basic	$	1.21	$	0.99	$	2.32	$	2.01
Diluted	$	1.20	$	0.99	$	2.32	$	2.00