EARNINGS PER SHARE

6 Months Ended

Apr. 01, 2023

13. EARNINGS PER SHARE

Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. 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 six months ended April 1, 2023 and April 2, 2022:



	Three months ended
(in thousands, except per share data)	April 1, 2023				April 2, 2022
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net income	$	15,041	$	15,041	$	116,001	$	116,001


DENOMINATOR:
Weighted average shares outstanding - Basic	56,684		56,684		61,482		61,482

Dilutive effect of Equity Plans			893				953


Weighted average shares outstanding - Diluted			57,577				62,435
EPS:
Net income per share - Basic	$	0.27	$	0.27	$	1.89	$	1.89
Effect of dilutive shares			(0.01)				(0.03)
Net income per share - Diluted			$	0.26			$	1.86

Anti-dilutive shares(1)			0				21



	Six months ended
(in thousands, except per share data)	April 1, 2023				April 2, 2022
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net income	$	29,630	$	29,630	$	249,607	$	249,607


DENOMINATOR:
Weighted average shares outstanding - Basic	56,868		56,868		61,934		61,934
Dilutive effect of Equity Plans			871				973
Weighted average shares outstanding - Diluted			57,739				62,907
EPS:
Net income per share - Basic	$	0.52	$	0.52	$	4.03	$	4.03
Effect of dilutive shares			(0.01)				(0.06)
Net income per share - Diluted			$	0.51			$	3.97

Anti-dilutive shares(1)			1				1

(1) Represents the Relative TSR PSUs and Growth PSUs that are excluded from the calculation of diluted earnings per share for the three and six months ended April 1, 2023 and April 2, 2022 as the effect would have been anti-dilutive.