Net Income Per Share

9 Months Ended

Sep. 28, 2024

The Company presents both basic and diluted net income per share on the Consolidated Statements of Income. Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average diluted shares outstanding during the period. Dilutive shares are computed using the treasury stock method for share-based awards. Performance-based restricted share units are included in diluted shares only if the related performance conditions are considered satisfied as of the end of the reporting period. Net income per share is calculated as follows (in thousands, except per share amounts):


	Fiscal Three Months Ended
	September 28, 2024					September 30, 2023
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic net income per share:	$	241,470	107,167	$	2.25	$	255,001	108,774	$	2.34
Dilutive effect of share-based awards	—		511	(0.01)		—		568	(0.01)
Diluted net income per share:	$	241,470	107,678	$	2.24	$	255,001	109,342	$	2.33

	Fiscal Nine Months Ended
	September 28, 2024					September 30, 2023
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic net income per share:	$	864,834	107,614	$	8.04	$	859,323	109,415	$	7.85
Dilutive effect of share-based awards	—		533	(0.04)		—		640	(0.04)
Diluted net income per share:	$	864,834	108,147	$	8.00	$	859,323	110,055	$	7.81

Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal three months ended September 28, 2024 and approximately 0.2 million shares for the fiscal three months ended September 30, 2023. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million shares for the fiscal nine months ended September 28, 2024 and approximately 0.2 million shares for the fiscal nine months ended September 30, 2023.