Net Income (Loss) Per Share

9 Months Ended

Sep. 29, 2024

Note 6. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. Potentially dilutive common shares include common shares issuable upon exercise of stock options, vesting of Restricted Stock Units (“RSUs”) and performance shares, and issuances of shares under the Employee Stock Purchase Plan (the “ESPP”), which are reflected in diluted net income (loss) per share by application of the treasury stock method. Potentially dilutive common shares are excluded from the computation of diluted net income (loss) per share when their effect is anti-dilutive.

Net income (loss) per share consisted of the following:


	Three Months Ended					Nine Months Ended
(In thousands, except per share data)	September 29, 2024		October 1, 2023			September 29, 2024		October 1, 2023
Numerator:
Net income (loss)	$	85,074	$	(84,799	)	$	21,249	$	(103,098	)

Denominator:
Weighted average common shares – basic		28,705		29,524			28,992		29,266
Potentially dilutive common share equivalent		659		—			397		—
Weighted average common shares – dilutive		29,364		29,524			29,389		29,266

Basic net income (loss) per share	$	2.96	$	(2.87	)	$	0.73	$	(3.52	)
Diluted net income (loss) per share	$	2.90	$	(2.87	)	$	0.72	$	(3.52	)

Anti-dilutive employee stock-based awards, excluded		1,332		2,563			1,053		2,358