Earnings Per Share

9 Months Ended

Sep. 27, 2025

NOTE 13. Earnings Per Share

Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Restricted stock units and employee stock purchase grants are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive. For the three and nine months ended September 27, 2025, the weighted average number of restricted stock units excluded from the computation of diluted earnings per share were 101 thousand and 80 thousand, respectively. Anti-dilutive shares for the three and nine months ended September 28, 2024 were immaterial.

The Company’s basic and diluted earnings per share amounts are as follows:


	Three Months Ended				Nine Months Ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
	(in thousands, except for per share data)
Numerator:
Net income	$	28,224	$	53,051	$	126,230	$	152,853
Denominator:
Basic earnings per share - weighted average shares outstanding		49,023		49,426		49,044		49,333
Effect of potential dilutive securities:
Restricted stock units and employee stock purchase grants - dilutive shares		83		268		134		336
Diluted earnings per share - weighted average shares outstanding		49,106		49,694		49,178		49,669
Earnings per share:
Basic	$	0.58	$	1.07	$	2.57	$	3.10
Diluted	$	0.57	$	1.07	$	2.57	$	3.08