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Earnings Per Share | 6 Months Ended
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Jul. 04, 2021
Earnings Per Share [Abstract] |
Earnings Per Share |
(8) | Earnings Per Share
The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards. During periods of net loss, diluted loss per share is equal to basic loss per share because the antidilutive effect of potential common shares is disregarded. The following table sets forth the computation of basic and diluted earnings per common share:
|  | 13 Weeks Ended |  |  | 26 Weeks Ended |
|  | July 4, 2021 |  |  | June 28, 2020 |  |  | July 4, 2021 |  |  | June 28, 2020 |
|  | (In thousands, except per share data) |
Net income |  | $ | 36,803 |  |  | $ | 11,136 |  |  | $ | 58,349 |  |  | $ | 6,525 |
Weighted-average shares of common stock outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 21,746 |  |  |  | 21,252 |  |  |  | 21,582 |  |  |  | 21,200 |
Dilutive effect of common stock equivalents arising from share option, nonvested share and nonvested share unit awards |  |  | 847 |  |  |  | 106 |  |  |  | 925 |  |  |  | 156 |
Diluted |  |  | 22,593 |  |  |  | 21,358 |  |  |  | 22,507 |  |  |  | 21,356 |
Basic earnings per share |  | $ | 1.69 |  |  | $ | 0.52 |  |  | $ | 2.70 |  |  | $ | 0.31 |
Diluted earnings per share |  | $ | 1.63 |  |  | $ | 0.52 |  |  | $ | 2.59 |  |  | $ | 0.31 |
Antidilutive share option awards excluded from diluted calculation |  |  | — |  |  |  | 778 |  |  |  | 12 |  |  |  | 694 |
Antidilutive nonvested share and nonvested share unit awards excluded from diluted calculation |  |  | 4 |  |  |  | 315 |  |  |  | 2 |  |  |  | 359 |
No share option awards were antidilutive (i.e., including such share option awards would result in higher earnings per share) for the 13 weeks ended July 4, 2021. The computation of diluted earnings per share for the 26 weeks ended July 4, 2021 excludes certain share option awards that were outstanding and antidilutive, since the exercise prices of these share option awards exceeded the average market price of the Company’s common shares. The computation of diluted earnings per share for the 13 and 26 weeks ended June 28, 2020 excludes all potential share option awards since the exercise prices of all share option awards exceeded the average market price of the Company’s common shares, and the effect of their inclusion would have been antidilutive. The computation of diluted earnings per share for the 13 and 26 weeks ended July 4, 2021 excludes certain nonvested share awards and nonvested share unit awards that were outstanding and antidilutive, since the grant date fair values of these nonvested share awards and nonvested share unit awards exceeded the average market price of the Company’s common shares. The computation of diluted earnings per share for the 13 and 26 weeks ended June 28, 2020 excludes certain nonvested share awards and nonvested share unit awards that were outstanding and antidilutive, since the grant date fair values of these nonvested share awards and nonvested share unit awards exceeded the average market price of the Company’s common shares.

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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 http://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 http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://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 http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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