Earnings Per Share

9 Months Ended

Sep. 28, 2019

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended				Nine Months Ended
(in thousands, except per share amounts)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Numerator:
Net income as reported	$	35,647	$	53,546	$	116,428	$	131,900

Denominator:
Weighted average shares outstanding
Basic	24,482		25,109		24,646		24,817
Effect of dilutive securities	202		362		248		395
Diluted	24,684		25,471		24,894		25,212

Earnings Per Share:
Basic earnings per share	$	1.46	$	2.13	$	4.72	$	5.31
Diluted earnings per share	$	1.44	$	2.10	$	4.68	$	5.23

Potential shares of common stock relating to stock options excluded from the earnings per share calculation because their effect would be anti-dilutive were 205,516 and 38,082 for the three months ended September 28, 2019 and September 29, 2018, respectively, and 147,090 and 39,446 for the nine months ended September 28, 2019 and September 29, 2018, respectively.

Share Repurchase Program

The Company’s Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company’s common stock under a program for the period May 1, 2018 to April 30, 2019 ("2018 program"). On April 26, 2019, the Company's Board of Directors authorized a new program to repurchase up to 1,000,000 shares of the Company's common stock for the period May 1, 2019 to

April 30, 2020 ("2019 program"). During the three and nine months ended September 28, 2019, the Company repurchased 311,786 and 579,916 shares of its common stock totaling $49.5 million and $95.0 million, respectively.