Earnings Per Share

9 Months Ended

Sep. 26, 2020

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 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Numerator:
Net income as reported	$	55,356	$	35,647	$	71,009	$	116,428

Denominator:
Weighted average shares outstanding
Basic	24,357		24,482		24,354		24,646
Effect of dilutive securities	216		202		181		248
Diluted	24,573		24,684		24,535		24,894

Earnings Per Share:
Basic earnings per share	$	2.27	$	1.46	$	2.92	$	4.72
Diluted earnings per share	$	2.25	$	1.44	$	2.89	$	4.68

Potential shares of common stock relating to stock options and restricted share units excluded from the earnings per share calculation because their effect would be anti-dilutive were 290,262 and 205,516 for the three months ended September 26, 2020 and September 28, 2019, respectively, and 194,857 and 147,090 for the nine months ended September 26, 2020 and September 28, 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 has suspended share repurchases for the near-term due to the uncertainty of the impact and duration of COVID-19 and to focus on other capital allocation priorities.

The Company did not repurchase any shares of its common stock for the three months ended September 26, 2020. During the three months ended September 28, 2019, the Company repurchased 311,786 shares of its common stock totaling $49.5 million. For the nine months ended September 26, 2020 and September 28, 2019, the Company repurchased 175,110 and 579,916 shares of its common stock totaling $22.9 million and $95.0 million, respectively.