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Income per Share | 6 Months Ended
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Jul. 02, 2022
Earnings Per Share [Abstract] |
Income per Share | Income per Share We calculate basic income per share by dividing net income by the weighted average number of common shares outstanding. We calculate diluted income per share using the treasury stock method, by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including restricted stock units. On May 3, 2022, we announced that our Board of Directors increased our share repurchase authorization to $100.0 million, up $75.0 million from the previous program, and that we entered into an Accelerated Share Repurchase Agreement (“ASR Agreement”) with Jefferies LLC (“Jefferies”) to repurchase $60.0 million of our common stock. Under the ASR Agreement, we received initial delivery of 553,584 shares of common stock on May 3, 2022 (the “Transaction Date”) representing approximately 65 percent of the total number of shares of common stock initially underlying the ASR Agreement based on our closing stock price of $70.45 on May 2, 2022. The initial delivery of 553,584 shares reduced the number of common shares outstanding on the Transaction Date and, as a result, reduced the weighted average number of common shares outstanding used to calculate basic income per share and diluted income per share for the three and six month periods ended July 2, 2022. The total number of shares repurchased under the ASR Agreement is based on the average of the daily volume-weighted average price of our common stock during the repurchase period under the ASR Agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. At settlement, under certain circumstances, Jefferies may be required to deliver additional shares of common stock to us, or, under certain circumstances, we may be required to make a cash payment or to deliver shares of our common stock to Jefferies. Final settlement of the shares of common stock repurchased under the ASR Agreement could occur as early as the third quarter of 2022. Management has performed an analysis of the average of the daily volume-weighted average price of our common stock since the Transaction Date and has determined, as of July 2, 2022, that the final settlement of shares of common stock under the ASR Agreement is not anticipated to have a dilutive impact upon final settlement. The reconciliation of basic net income and diluted net income per common share for the three and six month periods ended July 2, 2022 and July 3, 2021 were as follows:
| Three Months Ended |  | Six Months Ended
| July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
| (In thousands, except per share data) |  | (In thousands, except per share data)
Net income | $ | 71,272 |  |  | $ | 113,458 |  |  | $ | 204,681 |  |  | $ | 175,318 |
Weighted-average shares outstanding - basic | 9,324 |  |  | 9,549 |  |  | 9,522 |  |  | 9,507 |
Dilutive effect of share-based awards | 196 |  |  | 226 |  |  | 188 |  |  | 150 |
Weighted-average shares outstanding - diluted | 9,520 |  |  | 9,775 |  |  | 9,710 |  |  | 9,657 |
Basic income per share | $ | 7.64 |  |  | $ | 11.88 |  |  | $ | 21.49 |  |  | $ | 18.44 |
Diluted income per share | $ | 7.48 |  |  | $ | 11.61 |  |  | $ | 21.07 |  |  | $ | 18.15 |
Approximately 21,000 and 55,000 weighted-average share-based awards were excluded from the computation of earnings per share assuming dilution during the three months ended July 2, 2022 and July 3, 2021, respectively, as the awards would have been anti-dilutive for the periods presented. Approximately 13,000 and 27,000 weighted-average share-based awards were excluded from the computation of earnings per share assuming dilution during the six months ended July 2, 2022 and July 3, 2021, respectively, as the awards would have been anti-dilutive for the periods presented.

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