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Common Shares and Net Income (Loss) per Common Share
 12 Months Ended
Dec. 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, the Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares. Upon the closing of the European Divestiture on December 29, 2023, an incremental $25.0 million share repurchase was authorized, revising the total share repurchase authorization to $75.0 million. During the fiscal year ended December 30, 2023, we repurchased 131,409 common shares for $1.9 million through open market transactions under this repurchase plan.
On August 9, 2022, the 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. During the fiscal year ended December
30, 2023, we repurchased 1,272,612 common shares for $19.0 million through open market transactions under this repurchase plan. During the fiscal year ended December 31, 2022, we repurchased 1,753,479 common shares for $23.8 million through open market transactions under this repurchase plan.
On May 4, 2021, the 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. We repurchased 2,646,831 common shares for $43.5 million through open market transactions under this repurchase plan, all in the fiscal year ended January 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 diluted 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.
Set forth below is a reconciliation of the numerator and denominator for the diluted net income (loss) per common share computations for the periods indicated:
For the Fiscal Year Ended
December 30, 2023December 31, 2022January 1, 2022
Numerator (in millions):
Continuing operations$63.8 $58.7 $4.9 
Discontinued operations174.3 (29.1)(8.1)
Net income (loss)$238.1 $29.6 $(3.2)
Basic Earnings Per Share
Denominator (in thousands):
Weighted-average common shares outstanding - basic159,452 160,763 160,778 
Basic Earnings Per Share:
Continuing operations$0.40 $0.36 $0.03 
Discontinued operations$1.09 $(0.18)$(0.05)
Net income (loss)$1.49 $0.18 $(0.02)
Diluted Earnings Per Share
Denominator (in thousands):
Weighted-average common shares outstanding - basic159,452 160,763 160,778 
Dilutive effect of Stock options238 261 — 
Dilutive effect of Performance-based RSUs467 445 — 
Dilutive effect of Time-based RSUs462 416 — 
Weighted-average common shares outstanding - diluted160,619 161,885 160,778 
Diluted Earnings Per Share:
Continued operations$0.40 $0.36 $0.03 
Discontinued operations$1.08 $(0.18)$(0.05)
Net income (loss)$1.48 $0.18 $(0.02)
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 Fiscal Year Ended
(in thousands)December 30, 2023December 31, 2022January 1, 2022
Stock options2,138 2,838 4,855 
Performance-based RSUs 1
1,469 979 1,524 
Time-based RSUs 2
— — 885 
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1     Performance-based RSUs represent the number of shares expected to be issued based on the estimated achievement of the performance metric for these awards.
2     Time-based RSUs represent the number of shares expected to be issued based on known employee retention information.