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EARNINGS PER SHARE

9 Months Ended

Jul. 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 nine months ended July 1, 2023 and July 2, 2022:



	Three months ended
(in thousands, except per share data)	July 1, 2023				July 2, 2022
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net income	$	4,161	$	4,161	$	119,034	$	119,034


DENOMINATOR:
Weighted average shares outstanding - Basic	56,553		56,553		58,985		58,985

Dilutive effect of Equity Plans			966				970


Weighted average shares outstanding - Diluted			57,519				59,955
EPS:
Net income per share - Basic	$	0.07	$	0.07	$	2.02	$	2.02
Effect of dilutive shares			—				(0.03)
Net income per share - Diluted			$	0.07			$	1.99

Anti-dilutive shares(1)			0				19



	Nine months ended
(in thousands, except per share data)	July 1, 2023				July 2, 2022
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net income	$	33,791	$	33,791	$	368,641	$	368,641


DENOMINATOR:
Weighted average shares outstanding - Basic	56,763		56,763		60,951		60,951
Dilutive effect of Equity Plans			921				989
Weighted average shares outstanding - Diluted			57,684				61,940
EPS:
Net income per share - Basic	$	0.60	$	0.60	$	6.05	$	6.05
Effect of dilutive shares			(0.01)				(0.10)
Net income per share - Diluted			$	0.59			$	5.95

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 nine months ended July 1, 2023 and July 2, 2022 as the effect would have been anti-dilutive.