EARNINGS PER SHARE

3 Months Ended

Apr. 01, 2023

The calculations of basic and diluted earnings per share ("EPS") are based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively.

The following table presents the calculations of basic and diluted EPS:


	Three Months Ended March

(In thousands, except per share amounts)		2023		2022
Net income		$	66,296	$	80,810
Basic weighted average shares outstanding		55,646		56,321
Dilutive effect of stock-based awards		1,294		1,515
Diluted weighted average shares outstanding		56,940		57,836
Earnings per share:
Basic earnings per common share		$	1.19	$	1.43
Diluted earnings per common share		$	1.16	$	1.40

For the three months ended March 2023 and March 2022, an immaterial number of shares were excluded from the dilutive earnings per share calculations because the effect of their inclusion would have been anti-dilutive.

For the three months ended March 2023, a total of 0.6 million shares of PRSUs were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares. For the three months ended March 2022, an immaterial number of shares of PRSUs were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares.