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Earnings Per Share

9 Months Ended

Sep. 28, 2019

2. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 28,		September 29,		September 28,		September 29,
	2019		2018		2019		2018
Net income	$	20,181	$	27,761	$	9,550	$	68,446

Shares used in computing basic earnings per share		43,358		43,256		43,311		43,177

Effect of dilutive securities:
Stock-based awards and convertible debt		1,276		938		809		958
Shares used in computing diluted earnings per share		44,634		44,194		44,120		44,135

Earnings per share:
Basic	$	0.47	$	0.64	$	0.22	$	1.59
Diluted	$	0.45	$	0.63	$	0.22	$	1.55

The Company intends to settle the principal amount of its convertible senior notes in cash and any excess value in shares in the event of a conversion. Accordingly, shares issuable upon conversion of the principal amount have been excluded from the calculation of diluted earnings per share. If the market value of the notes under certain prescribed conditions exceeds the conversion amount, the excess is included in the denominator for the computation of diluted earnings per share using the treasury stock method. For the three months ended September 28, 2019 and September 29, 2018 and the nine months ended September 28, 2019 and September 29, 2018, approximately 0.6 million, 0.2 million, 0.3 million and 0.2 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 7, Debt, to the Condensed Consolidated Financial Statements for additional information.