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Net Income Per Share (Tables) | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Basic and diluted net income per share | The calculations for basic and diluted net income per share for the three and six months ended June 30, 2023 and July 2, 2022 are as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | July 2, 2022 |  | June 30, 2023 |  | July 2, 2022
| (In thousands, except per share amounts)
Net income | $ | 221,120 |  |  | $ | 186,920 |  |  | $ | 462,924 |  |  | $ | 422,255 |
Weighted average common shares used to calculate basic net income per share | 269,714 |  |  | 271,520 |  |  | 269,607 |  |  | 272,028 |
Stock-based awards | 3,282 |  |  | 3,652 |  |  | 3,471 |  |  | 4,069 |
Weighted average common shares used to calculate diluted net income per share | 272,996 |  |  | 275,172 |  |  | 273,078 |  |  | 276,097 |
Net income per share - basic | $ | 0.82 |  |  | $ | 0.69 |  |  | $ | 1.72 |  |  | $ | 1.55 |
Net income per share - diluted | $ | 0.81 |  |  | $ | 0.68 |  |  | $ | 1.70 |  |  | $ | 1.53 |
Potential shares of Cadence's common stock excluded | The following table presents shares of Cadence’s common stock outstanding for the three and six months ended June 30, 2023 and July 2, 2022 that were excluded from the computation of diluted net income per share because the effect of including these shares in the computation of diluted net income per share would have been anti-dilutive:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | July 2, 2022 |  | June 30, 2023 |  | July 2, 2022
| (In thousands)
Long-term market-based awards | 1,830 |  |  | 1,658 |  |  | 1,828 |  |  | 1,347 |
Options to purchase shares of common stock | 525 |  |  | 857 |  |  | 429 |  |  | 760 |
Non-vested shares of restricted stock | 6 |  |  | 81 |  |  | 28 |  |  | 82 |
Total potential common shares excluded | 2,361 |  |  | 2,596 |  |  | 2,285 |  |  | 2,189 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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