Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.23.1
EARNINGS PER SHARE
3 Months Ended
Apr. 01, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The calculations of basic and diluted earnings per share ("EPS") are based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively.
The following table presents the calculations of basic and diluted EPS:
Three Months Ended March
(In thousands, except per share amounts) 2023 2022
Net income $ 66,296  $ 80,810 
Basic weighted average shares outstanding 55,646  56,321 
Dilutive effect of stock-based awards 1,294  1,515 
Diluted weighted average shares outstanding 56,940  57,836 
Earnings per share:
Basic earnings per common share $ 1.19  $ 1.43 
Diluted earnings per common share $ 1.16  $ 1.40 
For the three months ended March 2023 and March 2022, an immaterial number of shares were excluded from the dilutive earnings per share calculations because the effect of their inclusion would have been anti-dilutive.
For the three months ended March 2023, a total of 0.6 million shares of PRSUs were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares. For the three months ended March 2022, an immaterial number of shares of PRSUs were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares.