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Earnings Per Share | 6 Months Ended
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Jul. 02, 2023
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 that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding for basic EPS as these awards are considered participating securities. Any unvested stock awards considered non-participating securities are included in 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 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
| (in thousands, except per share data)
Numerator: |  |  |  |  |  |  |
Net income | $ | 15,797 |  |  | $ | 16,818 |  |  | $ | 15,083 |  |  | $ | 30,111 |
Less: distributed and undistributed earnings available to participating securities | (189) |  |  | (286) |  |  | (207) |  |  | (470) |
Distributed and undistributed earnings available to common shareholders | $ | 15,608 |  |  | $ | 16,532 |  |  | $ | 14,876 |  |  | $ | 29,641 |
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding | 57,381 |  |  | 58,358 |  |  | 57,279 |  |  | 58,380 |
Participating securities | 693 |  |  | 1,010 |  |  | 798 |  |  | 928 |
Shares for basic EPS | 58,074 |  |  | 59,368 |  |  | 58,077 |  |  | 59,308 |
Dilutive effect of non-participating securities | 96 |  |  | — |  |  | 103 |  |  | — |
Shares for diluted EPS | 58,170 |  |  | 59,368 |  |  | 58,180 |  |  | 59,308 |
Basic EPS | $ | 0.27 |  |  | $ | 0.28 |  |  | $ | 0.26 |  |  | $ | 0.51 |
Diluted EPS | $ | 0.27 |  |  | $ | 0.28 |  |  | $ | 0.26 |  |  | $ | 0.51 |
For the three and six months ended July 2, 2023, 1,476,804 and 1,322,278 non-participating securities, respectively, that could potentially dilute basic EPS in the future, consisting of restricted share units and performance shares, were excluded from the computation of diluted EPS as these securities would have been antidilutive for the respective periods.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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