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Earnings Per Share | 6 Months Ended
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Jun. 29, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 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 |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net income (loss) | $ | (82,157) |  |  | $ | 10,956 |  |  | $ | (138,683) |  |  | $ | 24,923 |
Shares used in computing basic earnings per share | 32,124 |  | 31,614 |  | 32,018 |  | 31,786
Effect of dilutive securities: |  |  |  |  |  |  |
Convertible debt and stock-based awards | — |  | 1,312 |  | — |  | 1,553
Shares used in computing diluted earnings per share | 32,124 |  | 32,926 |  | 32,018 |  | 33,339
Earnings (loss) per share: |  |  |  |  |  |  |
Basic | $ | (2.56) |  |  | $ | 0.35 |  |  | $ | (4.33) |  |  | $ | 0.78 |
Diluted | $ | (2.56) |  |  | $ | 0.33 |  |  | $ | (4.33) |  |  | $ | 0.75 |
Diluted shares for the three and six months ended June 29, 2024 excluded 0.3 million and 0.3 million shares, respectively, due to the Company’s net loss for the periods. In June 2023, the Company paid $535.0 million in cash and issued 0.9 million shares of common stock in connection with the conversions and redemptions of the 2025 Notes. For the three and six months ended July 1, 2023, approximately 0.9 million and 1.1 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share related to the not yet converted or redeemed 2025 Notes. Securities that were anti-dilutive and were excluded from the computation of diluted earnings per share for the three and six months ended July 1, 2023 were insignificant.

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