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.