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EARNINGS PER SHARE | 12 Months Ended
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Jan. 01, 2022
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The following is a reconciliation of basic common shares outstanding to diluted common and common equivalent shares outstanding:
|  |  |  | For the fiscal year ended
|  |  |  |  |  | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019
|  |  |  |  |  | (52 weeks) |  | (53 weeks) |  | (52 weeks)
Weighted-average number of common and common equivalent shares outstanding: |  |  |  |  |  |  |  |  |  |
Basic number of common shares outstanding |  |  |  |  |  | 42,853,009 |  |  | 43,242,967 |  |  | 44,402,438 |
Dilutive effect of equity awards |  |  |  |  |  | 149,619 |  |  | 164,754 |  |  | 305,514 |
Diluted number of common and common equivalent shares outstanding |  |  |  |  |  | 43,002,628 |  |  | 43,407,721 |  |  | 44,707,952 |
Earnings per share: |  |  |  |  |  |  |  |  |  |
(dollars in thousands, except per share data) |  |  |  |  |  |  |  |  |  |
Basic net income per common share: |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  | $ | 339,748 |  |  | $ | 109,717 |  |  | $ | 263,802 |
Income allocated to participating securities |  |  |  |  |  | (4,113) |  |  | (1,118) |  |  | (2,430) |
Net income available to common shareholders |  |  |  |  |  | $ | 335,635 |  |  | $ | 108,599 |  |  | $ | 261,372 |
Basic net income per common share |  |  |  |  |  | $ | 7.83 |  |  | $ | 2.51 |  |  | $ | 5.89 |
Diluted net income per common share: |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  | $ | 339,748 |  |  | $ | 109,717 |  |  | $ | 263,802 |
Income allocated to participating securities |  |  |  |  |  | (4,102) |  |  | (1,115) |  |  | (2,419) |
Net income available to common shareholders |  |  |  |  |  | $ | 335,646 |  |  | $ | 108,602 |  |  | $ | 261,383 |
Diluted net income per common share |  |  |  |  |  | $ | 7.81 |  |  | $ | 2.50 |  |  | $ | 5.85 |
Anti-dilutive shares excluded from dilutive earnings per share calculations (1) |  |  |  |  |  | 176,475 |  |  | 564,131 |  |  | 351,777 |
(1)The volume of antidilutive shares is, in part, due to the related unamortized compensation costs. The Company grants shares of its common stock in the form of restricted stock awards to certain key employees under the Company’s Amended and Restated Equity Incentive Plan (see Note 10, Stock-based Compensation, to the consolidated financial statements). Prior to vesting of the restricted stock awards, the grant recipients are entitled to receive non-forfeitable cash dividends if the Company declares and pays dividends on the Company’s common stock. Accordingly, unvested shares of the Company’s restricted stock awards are deemed to be participating securities for purposes of computing diluted earnings per share (EPS), and therefore the Company’s diluted EPS represents the lower of the amounts calculated under the treasury stock method or the two-class method of calculating diluted EPS.

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