Earnings Per Share

9 Months Ended

Sep. 25, 2021

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 25, 2021		September 26, 2020		September 25, 2021		September 26, 2020
Numerator:
Net income as reported	$	92,054	$	55,356	$	231,862	$	71,009

Denominator:
Weighted average shares outstanding
Basic	24,622		24,357		24,582		24,354
Effect of dilutive securities	304		216		322		181
Diluted	24,926		24,573		24,904		24,535

Earnings Per Share:
Basic earnings per share	$	3.74	$	2.27	$	9.43	$	2.92
Diluted earnings per share	$	3.69	$	2.25	$	9.31	$	2.89

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 57,936 and 290,262 for the three months ended September 25, 2021 and September 26, 2020, respectively, and 32,773 and 194,857 for the nine months ended September 25, 2021 and September 26, 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 nine months ended September 25, 2021. During the nine months ended September 26, 2020, the Company repurchased 175,110 shares of its common stock totaling $22.9 million.