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Note 2 - Net Income (Loss) Per Common Share
 6 Months Ended
Jan. 01, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 2 – Net Income (Loss) Per Common Share

 

Basic net income per common share is computed by dividing the net income during the period by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing the net income during the period by the sum of the weighted-average number of common shares outstanding during the period and the potentially dilutive common shares (consisting of employee stock options and unvested restricted stock awards).

 

The following table sets forth the computation of basic and diluted net income per common share:

 

  

Three Months Ended

  

Six Months Ended

 
  

January 1,

2023

  

December

26, 2021

  

January 1,

2023

  

December

26, 2021

 
  

(in thousands, except per share data)

 

Numerator:

                

Net income

 $82,530  $88,468  $48,838  $75,269 
                 

Denominator:

                

Weighted average shares outstanding

  64,675   65,261   64,606   65,161 

Effect of dilutive securities:

                

Employee stock options

  -   14   -   98 

Employee restricted stock awards

  160   694   214   695 
   160   708   214   793 
                 

Adjusted weighted-average shares and assumed conversions

  64,835   65,969   64,820   65,954 
                 

Net income per common share

                

Basic

 $1.28  $1.36  $0.76  $1.16 

Diluted

 $1.27  $1.34  $0.75  $1.14