Earnings Per Share

3 Months Ended

Mar. 30, 2024

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


	Three Months Ended
(in thousands, except per share amounts)	March 30, 2024		April 1, 2023
Numerator:
Net income as reported	$	48,452	$	88,745

Denominator:
Weighted average shares outstanding
Basic	24,911		24,782
Effect of dilutive securities	213		280
Diluted	25,124		25,062

Earnings Per Share:
Basic earnings per share	$	1.95	$	3.58
Diluted earnings per share	$	1.93	$	3.54

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 175,411 and 90,297 for the three months ended March 30, 2024 and April 1, 2023, respectively.

Share Repurchase Program

The Company’s Board of Directors authorized the repurchase of 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 (2021 program). During the three months ended March 30, 2024, the Company repurchased 70,280 shares of its common stock totaling $16.1 million. The Company did not repurchase shares of its common stock for the three months ended April 1, 2023.

On April 25, 2024, 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 stock for the period May 1, 2024 to April 30, 2027 to replace its 2021 program.