Common Shares and Net Income (Loss) per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Common Shares and Net Income (Loss) per Common Share

Common Shares and Net Income (Loss) per Common Share

Common Shares

On August 9, 2023, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares. There were no shares repurchased under the program during the three and nine months ended September 30, 2023.

On August 9, 2022, our Board of Directors approved a share repurchase program for up to $100.0 million of our outstanding common shares over a 12-month period that expired on August 14, 2023. For the nine months ended September 30, 2023, we repurchased 1,272,612 common shares for approximately $19.0 million through open market transactions under the repurchase plan. There were no shares repurchased under the program during the three months ended September 30, 2023.

On May 4, 2021, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares over a 12-month period that expired on May 10, 2022. There were no shares repurchased under the plan during the nine months ended October 1, 2022.

Shares purchased under these repurchase plans were subsequently canceled.

Net Income (Loss) per Common Share

Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, performance-based RSUs, and time-based RSUs during the periods presented. The components of weighted average basic and diluted shares outstanding are below:

	For the Three Months Ended		For the Nine Months Ended
(in thousands)	September 30, 2023	October 1, 2022	September 30, 2023	October 1, 2022
Weighted average common shares outstanding - basic	159,407	161,117	159,446	161,064
Dilutive effect of Stock Options	214	161	248	—
Dilutive effect of Performance-based RSUs	—	215	68	—
Dilutive effect of Time-based RSUs	421	495	474	—
Weighted average common shares outstanding - diluted	160,042	161,988	160,236	161,064

The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated:

	For the Three Months Ended		For the Nine Months Ended
(in thousands)	September 30, 2023	October 1, 2022	September 30, 2023	October 1, 2022
Stock Options	2,181	3,838	2,172	4,587
Performance-based RSUs 1	1,150	725	1,150	1,189
Time-based RSUs 2	—	—	—	867

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1     Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of performance targets for these awards.

2     Time-based RSUs represent the number of shares expected to be issued based on known employee retention information.