The Company calculates basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding for the period. For rounding purposes when calculating earnings per share, the Company’s policy is to round down to the whole cent.

Diluted earnings per share are calculated using the treasury stock method whereby net income for the period is divided by the weighted average number of common shares outstanding for the period plus the dilutive effect, if any, of shares of stock associated with unvested share-based grants. However, for performance-based share-based grants, the dilutive effect is included only for grants where the performance goals have been achieved.

The reconciliations of basic net income and diluted earnings per common share for the three and six fiscal months ended June 28, 2025 and June 29, 2024 are as follows:


	Three Fiscal Months Ended				Six Fiscal Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024

Net income (in thousands)	$	4,310	$	14,336	$	7,115	$	31,828

Weighted-average shares outstanding - Basic	7,935,268		8,644,839		8,095,741		8,640,976
Dilutive effect of share-based awards	41,754		40,789		60,985		38,550
Weighted-average shares outstanding - Diluted	7,977,022		8,685,628		8,156,726		8,679,526

Basic earnings per share	$	0.54	$	1.65	$	0.87	$	3.68
Diluted earnings per share	$	0.54	$	1.65	$	0.87	$	3.66

Weighted-average unvested restricted stock units (“RSUs”) totaling 122,983 and 43,471 for the three and six month fiscal periods ended June 28, 2025, respectively, and 23,627 and 2,488 for the three and six month fiscal periods ended June 29, 2024, respectively, were not included in the dilutive effect of share-based awards for the respective periods because their effects were antidilutive. Additionally, as of June 28, 2025 and June 29, 2024, a total of 119,630 and 145,219, respectively, of certain unvested performance-based RSUs were outstanding but not included in the computation of diluted earnings per share because their performance metrics had not been achieved and thus they were not tested for dilution under the treasury stock method. Any outstanding RSU’s dilutive effect could change in future reporting periods.

On October 31, 2023, the Company’s board of directors authorized a share repurchase program for $100 million. During the three and six fiscal months ended June 28, 2025, the Company repurchased 283,081 and 469,129 shares, respectively, of its common stock at a weighted-average average price of $70.68 and $74.64, respectively, including broker commissions but excluding federal excise tax on the repurchases, for a total of $20.0 million and $35.0 million, respectively. These amounts are based on trade date activity, while the amounts reported on the Company’s consolidated statements of cash flows for share repurchases are based on settlement date activity. As of June 28, 2025, there remained approximately $11.5 million repurchase capacity under the authorization approved October 31, 2023.

On July 28, 2025, the Company’s board of directors authorized a new share repurchase program for $50 million. The 2025 authorization may be used after exhaustion of the 2023 authorization.