Earnings Per Share

3 Months Ended

Apr. 01, 2023

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.

For the three months ended April 1, 2023 and March 26, 2022, there were approximately 237,000 shares and 27,000 shares, respectively, that were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive.

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


	Three Months Ended
(in thousands, except per share data)	April 1, 2023		March 26, 2022

Net income	$	5,683	$	35,207
Denominator:
Weighted average basic shares outstanding	31,436		31,499
Effect of stock-based compensation awards	101		102
Weighted average diluted shares outstanding	31,537		31,601
Earnings Per Share:
Basic	$	0.18	$	1.12
Diluted	$	0.18	$	1.11