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Earnings Per Share | 6 Months Ended
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Jul. 03, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The Company computes basic earnings per share (“EPS”) by dividing net income by the weighted average common shares outstanding, including participating securities outstanding, during the period as discussed below. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings. The Company includes all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in the basic and diluted EPS calculations when the inclusion of these shares would be dilutive. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS. Distributed earnings include common stock dividends and dividends earned on unvested share-based payment awards. Undistributed earnings represent earnings that were available for distribution but were not distributed. The following table shows the computation of basic and diluted EPS:
| Three Months Ended |  | Six Months Ended
| July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
| (in thousands, except per share data)
Numerator: |  |  |  |  |  |  |
Net income | $ | 16,818 |  |  | $ | 15,511 |  |  | $ | 30,111 |  |  | $ | 22,449 |
Less: distributed and undistributed earnings available to participating securities | (286) |  |  | (192) |  |  | (470) |  |  | (229) |
Distributed and undistributed earnings available to common shareholders | $ | 16,532 |  |  | $ | 15,319 |  |  | $ | 29,641 |  |  | $ | 22,220 |
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding | 58,358 |  |  | 58,310 |  |  | 58,380 |  |  | 58,283 |
Participating securities | 1,010 |  |  | 731 |  |  | 928 |  |  | 602 |
Shares for basic EPS | 59,368 |  |  | 59,041 |  |  | 59,308 |  |  | 58,885 |
Shares for diluted EPS | 59,368 |  |  | 59,041 |  |  | 59,308 |  |  | 58,885 |
Basic EPS | $ | 0.28 |  |  | $ | 0.26 |  |  | $ | 0.51 |  |  | $ | 0.38 |
Diluted EPS | $ | 0.28 |  |  | $ | 0.26 |  |  | $ | 0.51 |  |  | $ | 0.38 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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