Earnings Per Share

6 Months Ended

Mar. 25, 2023

The following is a reconciliation of the numerators and denominators of the basic and diluted per share computations for income from continuing operations.


	Three Months Ended					Six Months Ended
	March 25, 2023					March 25, 2023
	Income		Shares	Per Share		Income		Shares	Per Share
	(in thousands, except per share amounts)
Basic EPS:
Net income available to common shareholders	$	48,115	52,443	$	0.92	$	39,682	52,461	$	0.76
Effect of dilutive securities:
Options to purchase common stock	—		310	(0.01)		—		300	(0.01)
Restricted shares	—		690	(0.01)		—		687	(0.01)
Performance stock units	—		91	—				72	—
Diluted EPS:
Net income available to common shareholders	$	48,115	53,534	$	0.90	$	39,682	53,520	$	0.74


	Three Months Ended					Six Months Ended
	March 26, 2022					March 26, 2022
	Income		Shares	Per Share		Income		Shares	Per Share
	(in thousands, except per share amounts)
Basic EPS:
Net income available to common shareholders	$	69,713	53,458	$	1.30	$	78,722	53,475	$	1.47
Effect of dilutive securities:
Options to purchase common stock	—		515	(0.01)		—		572	(0.01)
Restricted shares	—		749	(0.02)		—		771	(0.02)
Diluted EPS:
Net income available to common shareholders	$	69,713	54,722	$	1.27	$	78,722	54,818	$	1.44

Options to purchase 2.0 million shares of Class A common stock at prices ranging from $21.37 to $51.37 per share were outstanding at March 25, 2023, and options to purchase 2.4 million shares of Class A common stock at prices ranging from $13.82 to $51.37 per share were outstanding at March 26, 2022.

For the three months ended March 25, 2023 and March 26, 2022, approximately 0.6 million and 0.4 million options outstanding, respectively, were not included in the computation of diluted earnings per share because the option exercise prices were greater than the average market price of the common shares and therefore, the effect of including these options would be antidilutive.

For the six months ended March 25, 2023 and March 26, 2022, approximately 0.6 million and 21 thousand options outstanding, respectively, were not included in the computation of diluted earnings per share because the option exercise prices were greater than the average market price of the common shares and therefore, the effect of including these options would be antidilutive.