Earnings Per Share

3 Months Ended

Mar. 27, 2021

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


	Three Months Ended
(in thousands, except per share amounts)	March 27, 2021		March 28, 2020
Numerator:
Net income as reported	$	57,713	$	24,644

Denominator:
Weighted average shares outstanding
Basic	24,532		24,393
Effect of dilutive securities	360		185
Diluted	24,892		24,578

Earnings Per Share:
Basic earnings per share	$	2.35	$	1.01
Diluted earnings per share	$	2.32	$	1.00

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 15 and 153,836 for the three months ended March 27, 2021 and March 28, 2020, respectively.

Share Repurchase Program

On April 26, 2019, the Company's Board of Directors authorized 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"). On April 29, 2020, the Company announced that the 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. On April, 28, 2021, the Company announced that the Board of Directors authorized a new three year program to repurchase up to $300.0 million in the aggregate of shares of the Company’s common stock for the period May 1, 2021 to April 30, 2024 to replace its previous 2020 program.

The Company did not repurchase any shares of its common stock for the three months ended March 27, 2021. During the three months ended March 28, 2020, the Company repurchased 175,110 shares of its common stock totaling $22.9 million.