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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
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 EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(in thousands, except per share data)
Numerator:
Net income$22,558 $15,797 $36,737 $15,083 
Less: distributed and undistributed earnings available to participating securities(109)(189)(282)(207)
Distributed and undistributed earnings available to common shareholders$22,449 $15,608 $36,455 $14,876 
 
Denominator:
Weighted average shares outstanding58,001 57,381 57,812 57,279 
Participating securities280 693 448 798 
Shares for basic EPS58,281 58,074 58,260 58,077 
Dilutive effect of non-participating securities411 96 443 103 
Shares for diluted EPS58,692 58,170 58,703 58,180 
 
Basic EPS$0.39 $0.27 $0.63 $0.26 
Diluted EPS$0.38 $0.27 $0.63 $0.26 
For the three and six months ended June 30, 2024, there were no securities excluded from the computation of diluted EPS that would have been antidilutive. For the three and six months ended July 2, 2023, 1,476,804 and 1,322,278 respectively, of non-participating securities were excluded from the computation of diluted EPS because the effect would have been antidilutive.