Earnings Per Share

9 Months Ended

Jun. 24, 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					Nine Months Ended
	June 24, 2023					June 24, 2023
	Income		Shares	Per Share		Income		Shares	Per Share
	(in thousands, except per share amounts)
Basic EPS:
Net income available to common shareholders	$	83,126	52,464	$	1.58	$	122,808	52,462	$	2.34
Effect of dilutive securities:
Options to purchase common stock	—		247	(0.01)		—		278	(0.01)
Restricted shares	—		544	(0.01)		—		636	(0.03)
Performance stock units	—		125	—				90	—
Diluted EPS:
Net income available to common shareholders	$	83,126	53,380	$	1.56	$	122,808	53,466	$	2.30


	Three Months Ended					Nine Months Ended
	June 25, 2022					June 25, 2022
	Income		Shares	Per Share		Income		Shares	Per Share
	(in thousands, except per share amounts)
Basic EPS:
Net income available to common shareholders	$	75,420	53,237	$	1.42	$	154,142	53,392	$	2.89
Effect of dilutive securities:
Options to purchase common stock	—		421	(0.01)		—		520	(0.03)
Restricted shares	—		671	(0.02)		—		746	(0.04)
Diluted EPS:
Net income available to common shareholders	$	75,420	54,329	$	1.39	$	154,142	54,658	$	2.82

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 June 24, 2023, and options to purchase 2.3 million shares of Class A common stock at prices ranging from $21.37 to $51.37 per share were outstanding at June 25, 2022.

For the three months ended June 24, 2023 and June 25, 2022, approximately 0.8 million and 0.3 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 nine months ended June 24, 2023 and June 25, 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.