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Earnings per Common Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings per Common Share | 5. Earnings per Common Share Basic earnings per common share is computed by dividing consolidated net income by the weighted average number of common shares outstanding during the period. For diluted earnings per common share, the denominator includes the dilutive effect of outstanding common share equivalents. The dilutive effects of outstanding common share equivalents, including outstanding restricted stock units, stock options, relative total shareholder return performance-based restricted stock units (“TSR-PSUs”) and other performance-based restricted stock units (“PSUs”), are determined using the treasury stock method. The dilutive effects of market-based contingently issuable shares from the TSR-PSUs are included in the weighted average common share calculation based on the number of shares, if any, that would be issuable as of the end of the reporting period, assuming the end of the reporting period is also the end of the performance period. The dilutive effects of attainment-based contingently issuable shares from other PSUs are included in the weighted average common share calculation only when the performance targets have been achieved based on the cumulative achievement against the performance targets as of the end of the reporting period. The following table sets forth the computation of basic and diluted earnings per common share (amounts in thousands, except per share data):
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | October 1, |  |  | September 30, |  |  | October 1, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerators: |  |  |  |  |  |  |  |  |  |  |
Consolidated net income | $ | 22,490 |  |  | $ | 13,603 |  |  | $ | 58,789 |  |  | $ | 36,577 |
Denominators: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding— basic |  | 35,729 |  |  |  | 35,447 |  |  |  | 35,625 |  |  |  | 35,366 |
Dilutive potential common shares |  | 199 |  |  |  | 317 |  |  |  | 256 |  |  |  | 405 |
Weighted average common shares outstanding— diluted |  | 35,928 |  |  |  | 35,764 |  |  |  | 35,881 |  |  |  | 35,771 |
Antidilutive potential common shares excluded from above |  | 73 |  |  |  | 1 |  |  |  | 104 |  |  |  | 18 |
Earnings per Common Share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.63 |  |  | $ | 0.38 |  |  | $ | 1.65 |  |  | $ | 1.03 |
Diluted | $ | 0.63 |  |  | $ | 0.38 |  |  | $ | 1.64 |  |  | $ | 1.02 |
For both the three and nine months ended September 30, 2022, 36 thousand non-GAAP EPS performance-based restricted stock units (“EPS-PSUs”) and 37 thousand operating cash flow performance-based restricted stock units (“OCF-PSUs”) granted to certain members of the executive management team, and 51 thousand performance-based restricted stock units granted to ATI Industrial Automation employees (“ATI-PSUs”) are considered attainment-based contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of September 30, 2022. For both the three and nine months ended October 1, 2021, 45 thousand EPS-PSUs and 37 thousand OCF-PSUs granted to certain members of the executive management team, and 213 thousand shares of restricted stock issued to the former Laser Quantum non-controlling interest shareholders were considered attainment-based contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of October 1, 2021.

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