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Note I - Common Stock and Earnings Per Share

6 Months Ended

Jul. 03, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE I – COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per share (“EPS”) is based on the weighted-average number of shares outstanding for each period. Shares that have been repurchased and retired during the periods specified below have been included in the calculation of the number of weighted-average shares that are outstanding for the calculation of basic EPS based on the time they were outstanding in any period. Diluted EPS is based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares. Shares that are included in the diluted EPS calculations under the treasury stock method include equity awards that are in-the-money but have not yet been exercised.

The following is a reconciliation of the numerator and denominator used to calculate basic EPS and diluted EPS for the periods indicated:


		*Quarter Ended*								*Six Months Ended*
		*July 3,*				*June 27,*				*July 3,*				*June 27,*
		*2021*				*2020*				*2021*				*2020*
Net earnings available to common shareholders		$	38,234			$	27,977			$	68,855			$	54,529
Weighted average common shares outstanding - basic			20,247				21,034				20,570				21,265
Dilutive effect of in-the-money equity awards			199				95				201				75
Weighted average common shares outstanding - diluted			20,446				21,129				20,771				21,340
Earnings per common share from net earnings - basic		$	1.89			$	1.33			$	3.35			$	2.56
Earnings per common share from net earnings - diluted		$	1.87			$	1.32			$	3.31			$	2.56

Equity awards for the following shares were not included in the computation of diluted EPS because their effect would be anti-dilutive:

Quarter Ended

Six Months Ended

July 3,

June 27,

July 3,

June 27,

2021

2020

2021

2020

59

284

58

550

During the three months ended July 3, 2021, the Company repurchased and retired 304 shares for $29,701 under the Company’s share repurchase plan. There were no shares repurchased during the three months ended June 27, 2020.

During the six months ended July 3, 2021 and June 27, 2020, the Company repurchased and retired 1,025 shares and 785 shares for $99,155 and $57,029, respectively, under the Company's share repurchase plan. The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. The purchase of shares under this plan reduces the number of shares outstanding in the above calculations.

As of July 3, 2021, the remaining authorized repurchase amount under the stock repurchase plan was $50,845. There is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases.

Subsequent to July 3, 2021, and through August 6, 2021, the Company repurchased and retired 127 shares of common stock for $12,393, at an average market price of $97.74 per share.