Earnings (loss) Per Share

6 Months Ended

Jun. 26, 2021

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


	Three Months Ended				Six Months Ended
(in thousands, except per share amounts)	June 26, 2021		June 27, 2020		June 26, 2021		June 27, 2020
Numerator:
Net income (loss) as reported	$	82,095	$	(8,991)	$	139,808	$	15,653

Denominator:
Weighted average shares outstanding
Basic	24,592		24,312		24,562		24,353
Effect of dilutive securities	308		—		332		167
Diluted	24,900		24,312		24,894		24,520

Earnings (loss) Per Share:
Basic earnings (loss) per share	$	3.34	$	(0.37)	$	5.69	$	0.64
Diluted earnings (loss) per share	$	3.30	$	(0.37)	$	5.62	$	0.64

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 41,216 and 328,624 for the three months ended June 26, 2021 and June 27, 2020, respectively, and 20,266 and 212,290 for the six months ended June 26, 2021 and June 27, 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 and six months ended June 26, 2021. During the six months ended June 27, 2020, the Company repurchased 175,110 shares of its common stock totaling $22.9 million.