Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Earnings Per Share

v3.23.2
Common Stock and Earnings Per Share
 6 Months Ended
Jul. 01, 2023
Earnings Per Share [Abstract]  
Common Stock and Earnings Per Share 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 1,
2023		 July 2,
2022		 July 1,
2023		 July 2,
2022
Net earnings available to common shareholders $ 17,292  $ 19,157  $ 35,675  $ 41,626 
Weighted average common shares outstanding - basic 19,321 19,215 19,302 19,283
Dilutive effect of in-the-money equity awards 106 29 75 79
Weighted average common shares outstanding - diluted 19,427 19,244 19,377 19,362
Earnings per common share from net earnings - basic $ 0.89  $ 1.00  $ 1.85  $ 2.16 
Earnings per common share from net earnings - diluted $ 0.89  $ 1.00  $ 1.84  $ 2.15 
NOTE I – COMMON STOCK AND EARNINGS PER SHARE - CONTINUED
Equity awards for the following shares were not included in the computation of diluted EPS due to the fact that their effect would be anti-dilutive:
Quarter Ended Six Months Ended
July 1,
2023		 July 2,
2022		 July 1,
2023		 July 2,
2022
354 374 325 272
There were no shares repurchased during the three months ended July 1, 2023 and July 2, 2022.
There were no shares repurchased during the six months ended July 1, 2023. During the six months ended July 2, 2022, the Company repurchased and retired 288 shares for $25,382 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 1, 2023, the remaining authorized repurchase amount under the stock repurchase plan was $82,839. There is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases.