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7. Earnings Per Share
Net Income per Common Share
We calculate 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 stock options.
The following table shows the computation of basic and diluted earnings per share:
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Thirteen Weeks Ended |
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Thirty-nine Weeks Ended |
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|
September 26, |
|
September 27, |
|
September 26, |
|
September 27, |
in thousands, except per share data |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income |
|
$ |
40,974 |
|
$ |
26,568 |
|
$ |
115,290 |
|
$ |
98,285 |
Basic weighted average shares outstanding |
|
|
100,137 |
|
|
97,254 |
|
|
98,855 |
|
|
96,551 |
Dilutive effect of share based awards |
|
|
5,043 |
|
|
7,311 |
|
|
5,957 |
|
|
8,185 |
Diluted weighted average shares outstanding |
|
|
105,180 |
|
|
104,565 |
|
|
104,812 |
|
|
104,736 |
Basic earnings per share |
|
$ |
0.41 |
|
$ |
0.27 |
|
$ |
1.17 |
|
$ |
1.02 |
Diluted earnings per share |
|
$ |
0.39 |
|
$ |
0.25 |
|
$ |
1.10 |
|
$ |
0.94 |
The following awards have been excluded from the computation of dilutive earnings per share because the effect would be anti-dilutive:
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Thirteen Weeks Ended |
|
Thirty-nine Weeks Ended |
|
|
September 26, |
|
September 27, |
|
September 26, |
|
September 27, |
in thousands |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Stock options |
|
281 |
|
209 |
|
997 |
|
168 |
|