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Net Income Per Share | 6 Months Ended
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Jul. 04, 2023
Earnings Per Share [Abstract] |
Net Income Per Share | 5. NET INCOME PER SHARE Basic and diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants were to exercise their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) were to lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are anti-dilutive. Once these performance-based RSUs vest, they are included in our basic net income per share calculation. The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards included in the dilutive net income per share computation (in thousands):
|  | For the Thirteen Weeks Ended |  |  | For the Twenty-Six Weeks Ended |
|  | July 4, 2023 |  |  | June 28, 2022 |  |  | July 4, 2023 |  |  | June 28, 2022 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 11,932 |  |  | $ | 297 |  |  | $ | 15,413 |  |  | $ | 1,757 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding – basic |  |  | 23,539 |  |  |  | 23,434 |  |  |  | 23,510 |  |  |  | 23,405 |
Dilutive effect of equity awards |  |  | 432 |  |  |  | 142 |  |  |  | 451 |  |  |  | 253 |
Weighted-average shares outstanding – diluted |  |  | 23,971 |  |  |  | 23,576 |  |  |  | 23,961 |  |  |  | 23,658 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.51 |  |  | $ | 0.01 |  |  | $ | 0.66 |  |  | $ | 0.08 |
Diluted |  | $ | 0.50 |  |  | $ | 0.01 |  |  | $ | 0.64 |  |  | $ | 0.07 |
For the thirteen weeks ended July 4, 2023 and June 28, 2022, there were approximately 0.9 million and 2.2 million of equity awards, respectively, that were excluded from the calculation of diluted net income per share because they are anti-dilutive. For the twenty-six weeks ended July 4, 2023 and June 28, 2022, there were approximately 0.9 million and 2.0 million of equity awards, respectively, that were excluded from the calculation of diluted net income per share because they are anti-dilutive.

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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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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