Net Income/(Loss) Per Share

9 Months Ended

Oct. 03, 2023

Net Income/(Loss) Per Share

Net Income/(Loss) Per Share

10.  Net Income/(Loss) Per Share

Basic net income/(loss) per share is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding during the period, reduced by unvested restricted stock awards. As of October 3, 2023 and September 27, 2022, 2.8 million and 2.4 million shares, respectively, of restricted stock and restricted stock units issued were unvested and, therefore, excluded from the calculation of basic earnings per share for the fiscal periods ended on those dates.

Diluted net income/(loss) per share is computed by dividing net income/(loss) by the weighted-average number of common stock equivalents outstanding for the period. Common stock equivalents for the Notes are determined by application of the if-converted method, and common stock equivalents for outstanding stock options, restricted stock and restricted stock units are determined by the application of the treasury stock method.

	Thirteen		Thirteen		Thirty-Nine		Thirty-Nine
	Weeks Ended		Weeks Ended		Weeks Ended		Weeks Ended
	October 3, 2023		September 27, 2022		October 3, 2023		September 27, 2022
	(In thousands, except per share data)
Net income/(loss)	$	17,945	$	(2,398)	$	88,670	$	46,421
Basic weighted-average shares outstanding		48,281		49,653		48,489		50,124
Dilutive effect of equity awards (1)		704		—		708		584
Diluted weighted-average shares outstanding		48,985		49,653		49,197		50,708
Basic net income/(loss) per share	$	0.37	$	(0.05)	$	1.83	$	0.93
Diluted net income/(loss) per share	$	0.37	$	(0.05)	$	1.80	$	0.92

(1) Shares of common stock equivalents related to outstanding stock options, restricted stock and restricted stock units of 2.8 million and 3.3 million for October 3, 2023 and September 27, 2022, respectively, were excluded from the diluted calculation due to their anti-dilutive effect. No shares of common stock equivalents related to the Notes were included in the diluted calculation due to their anti-dilutive effect.