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Net Income Per Share
 6 Months Ended
Jul. 02, 2024
Earnings Per Share [Abstract]  
Net Income Per Share

10.   Net Income Per Share

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Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period, reduced by unvested restricted stock awards. As of July 2, 2024 and July 4, 2023, 3.1 million and 2.8 million shares, respectively, of restricted stock and restricted stock units issued were unvested and, therefore, excluded from the calculation of basic earnings per share for the fiscal periods ended on those dates.

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Diluted net income per share is computed by dividing net income by the weighted-average number of common stock equivalents outstanding for the period. Common stock equivalents for the Notes are determined by application of the if-converted method, and common stock equivalents for outstanding stock options, restricted stock and restricted stock units are determined by the application of the treasury stock method.

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Thirteen

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Thirteen

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Twenty-Six

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Twenty-Six

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Weeks Ended

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Weeks Ended

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Weeks Ended

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Weeks Ended

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July 2, 2024

    

July 4, 2023

    

July 2, 2024

    

July 4, 2023

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(In thousands, except per share data)

Net income

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$

52,444

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$

42,675

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$

85,635

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$

70,725

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Basic weighted-average shares outstanding

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47,702

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48,492

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47,726

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48,593

Dilutive effect of equity awards (1)

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1,073

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593

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959

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703

Diluted weighted-average shares outstanding

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48,775

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49,085

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48,685

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49,296

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Basic net income per share

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$

1.10

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$

0.88

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$

1.79

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$

1.46

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Diluted net income per share

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$

1.08

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$

0.87

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$

1.76

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$

1.43

(1)Shares of common stock equivalents related to outstanding stock options, restricted stock and restricted stock units of 2.6 million for both July 2, 2024 and July 4, 2023, were excluded from the diluted calculation due to their anti-dilutive effect. No shares of common stock equivalents related to the Notes were included in the diluted calculation due to their anti-dilutive effect.