EARNINGS PER SHARE

9 Months Ended

Jul. 02, 2022

12. EARNINGS PER SHARE

Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. Stock options and restricted stock are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive.

The following table reflects a reconciliation of the shares used in the basic and diluted net income per share computation for the three and nine months ended July 2, 2022 and July 3, 2021:



	Three months ended
(in thousands, except per share data)	July 2, 2022				July 3, 2021
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net income	$	119,034	$	119,034	$	113,766	$	113,766


DENOMINATOR:
Weighted average shares outstanding - Basic	58,985		58,985		62,023		62,023

Dilutive effect of Equity Plans			970				1,462


Weighted average shares outstanding - Diluted			59,955				63,485
EPS:
Net income per share - Basic	$	2.02	$	2.02	$	1.83	$	1.83
Effect of dilutive shares			(0.03)				(0.04)
Net income per share - Diluted			$	1.99			$	1.79

Anti-dilutive shares(1)			19				0



	Nine months ended
(in thousands, except per share data)	July 2, 2022				July 3, 2021
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net income	$	368,641	$	368,641	$	233,450	$	233,450


DENOMINATOR:
Weighted average shares outstanding - Basic	60,951		60,951		62,023		62,023
Dilutive effect of Equity Plans			989				1,341
Weighted average shares outstanding - Diluted			61,940				63,364
EPS:
Net income per share - Basic	$	6.05	$	6.05	$	3.76	$	3.76
Effect of dilutive shares			(0.10)				(0.08)
Net income per share - Diluted			$	5.95			$	3.68

Anti-dilutive shares(1)			1				3

(1) Represents the Relative TSR PSUs and Growth PSUs that are excluded from the calculation of diluted earnings per share for the three and nine months ended July 2, 2022 and July 3, 2021 as the effect would have been anti-dilutive.