XML 30 R18.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Earnings Per Share and Stockholders' Equity
 3 Months Ended
Mar. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share and Stockholders' Equity Earnings Per Share and Stockholders' Equity
Earnings Per Share
The Company calculates basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding for the period. For rounding purposes when calculating earnings per share, the Company’s policy is to round down to the whole cent.
Diluted earnings per share are calculated using the treasury stock method whereby net income for the period is divided by the weighted average number of common shares outstanding for the period plus the dilutive effect, if any, of shares of stock associated with unvested share-based grants. However, for performance-based share-based grants, the dilutive effect is included only for grants where the performance goals have been actually achieved.
The reconciliation of basic net income and diluted net earnings per common share for the three-month periods ended March 30, 2024 and April 1, 2023 were as follows:
Three Months Ended
March 30, 2024April 1, 2023
(In thousands, except per share data)
Net income$17,492 $17,812 
Weighted average shares outstanding - Basic8,653 9,059 
Dilutive effect of share-based awards88 98 
Weighted average shares outstanding - Diluted8,741 9,157 
Basic earnings per share$2.02 $1.96 
Diluted earnings per share$2.00 $1.94 
Approximately 114,000 and 78,000 weighted-average share-based awards were excluded from the computation of earnings per share assuming dilution during the three months ended March 30, 2024 and April 1, 2023, respectively, as the awards would have been anti-dilutive for the periods presented.
Share Repurchases
2023 Authorization
On October 31, 2023, the Company’s board of directors authorized a new share repurchase program for $100 million. Under the new share repurchase program, the Company may repurchase its common stock from time to time, without prior notice, subject to prevailing market conditions and other considerations. Repurchases may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, accelerated share repurchase programs, tender offers or pursuant to a trading plan that may be adopted in accordance with the Securities and Exchange Commission Rule 10b5-1.
During the three months ended March 30, 2024, the Company did not repurchase any of its common shares. As of March 30, 2024, there remained $91.4 million repurchase capacity under this authorization.
2021/2022 Authorization
On August 23, 2021, the Company’s board of directors approved a stock repurchase program that authorized the Company to repurchase up to $25.0 million of its common stock. On May 3, 2022, the Company’s board of directors increased the share repurchase authorization to $100 million. During the three months ended April 1, 2023, the Company did not repurchase any shares of its common stock under the 2021/2022 authorization. Between April 2023 and October 2023, the Company exhausted the remaining available capacity under the 2021/2022 authorization.