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Earnings (Loss) Per Share | 3 Months Ended
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Apr. 01, 2023
Earnings (Loss) Per Share |
Earnings (Loss) Per Share |
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
​ |  | April 1, |  | April 2,
​ | ​ | 2023 | ​ | 2022
Net income | ​ | $ | 13,967 | ​ | $ | 22,907
​ | ​ | ​ | ​ | ​ | ​ | ​
Shares used in computing basic earnings per share | ​ | ​ | 31,959 | ​ |  | 38,003
​ | ​ | ​ | ​ | ​ | ​ | ​
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​
Convertible debt and stock-based awards | ​ | ​ | 1,794 | ​ |  | 1,520
Shares used in computing diluted earnings per share | ​ | ​ | 33,753 | ​ |  | 39,523
​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share: | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.44 | ​ | $ | 0.60
Diluted | ​ | $ | 0.41 | ​ | $ | 0.58
​ The Company has irrevocably elected to settle the principal amount of its convertible senior notes in cash and intends to settle any excess value in shares in the event of a conversion. For the three months ended April 1, 2023 and April 2, 2022, approximately 1.2 million and 1.0 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 6, Debt, to the Condensed Consolidated Financial Statements for additional information.

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