NOTE J – 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:

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

During the three months ended  October 2, 2021, the Company repurchased and retired 523 shares for $49,751 under the Company’s share repurchase plan. There were no shares repurchased during the three months ended September 26, 2020. 

During the nine months ended October 2, 2021 and September 26, 2020, the Company repurchased and retired 1,548 shares and 785 shares for $148,906 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.

On September 16, 2021, the Company's Board of Directors authorized an increase in the amount available under its share repurchase plan to a total of $150,000. The authorization, which occurred during the first quarter of 2021, is inclusive of the $13,943 that was remaining under the prior authorization.  As of  October 2, 2021, the remaining authorized repurchase amount under the stock repurchase plan was $137,152.  There is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases. 

Subsequent to October 2, 2021, and through November 5, 2021, the Company repurchased and retired 216 shares of common stock for $20,944, at an average market price of $96.94 per share.