Earnings Per Share

3 Months Ended

Mar. 28, 2020

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



	Three Months Ended
(in thousands, except per share amounts)	March 28, 2020		March 30, 2019
Numerator:
Net income as reported	$	24,644	$	36,989

Denominator:
Weighted average shares outstanding
Basic	24,393		24,717
Effect of dilutive securities	185		292
Diluted	24,578		25,009

Earnings Per Share:
Basic earnings per share	$	1.01	$	1.50
Diluted earnings per share	$	1.00	$	1.48

Potential shares of common stock relating to stock options excluded from the earnings per share calculation because their effect would be anti-dilutive were 153,836 and 77,047 for the three months ended March 28, 2020 and March 30, 2019, 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 to a 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") to replace its previous expired 2018 program. On April 23, 2020, 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, 2020 to April 30, 2021 (the "2020 program") to replace its previous expired 2019 program. The Company does not expect to repurchase shares in the near future due to the uncertainty of the impact and duration of COVID-19.

For the three months ended March 28, 2020 and March 30, 2019, the Company repurchased 175,110 and 79,916 shares of its common stock totaling $22.9 million and $13.6 million, respectively.