Earnings Per Share

9 Months Ended

Sep. 30, 2023

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 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Numerator:
Net income as reported	$	57,788	$	75,468	$	216,604	$	280,002

Denominator:
Weighted average shares outstanding
Basic	24,893		24,755		24,838		24,726
Effect of dilutive securities	250		233		262		260
Diluted	25,143		24,988		25,100		24,986

Earnings Per Share:
Basic earnings per share	$	2.32	$	3.05	$	8.72	$	11.32
Diluted earnings per share	$	2.30	$	3.02	$	8.63	$	11.21

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 80,828 and 92,052 for the three months ended September 30, 2023 and October 1, 2022, respectively, and 106,156 and 84,027 for the nine months ended September 30, 2023 and October 1, 2022, respectively.

Share Repurchase 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 shares of its common stock for the three and nine months ended September 30, 2023, and October 1, 2022.