Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.23.2
Earnings Per Share
 6 Months Ended
Jun. 29, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Net Income per Common Share
The Company calculates basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of share-based awards.
The following table shows the computation of basic and diluted earnings per share:
Thirteen Weeks Ended Twenty-six Weeks Ended
in thousands, except per share data June 29, 2023 June 30, 2022 June 29, 2023 June 30, 2022
Net income $ 71,452  $ 81,832  $ 142,976  $ 152,783 
Basic weighted average shares outstanding 106,206  105,545  106,084  105,471 
Dilutive effect of share-based awards 1,599  1,755  1,680  1,960 
Diluted weighted average shares outstanding 107,805  107,300  107,764  107,431 
Basic earnings per share $ 0.67  $ 0.78  $ 1.35  $ 1.45 
Diluted earnings per share $ 0.66  $ 0.76  $ 1.33  $ 1.42 
The following potentially dilutive securities were excluded from the computation of diluted earnings per share as a result of their anti-dilutive effect:
Thirteen Weeks Ended Twenty-six Weeks Ended
in thousands June 29, 2023 June 30, 2022 June 29, 2023 June 30, 2022
Stock options 56  73  56  71 
Restricted stock —  12  —  — 
Restricted stock units 251  318  255  225