Earnings Per Share
Net Income per Common Share
The Company calculates basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of share-based awards using the treasury stock method.
The following table shows the computation of basic and diluted earnings per share for the periods presented:
Fiscal Year Ended
in thousands, except per share dataDecember 25,
2025
December 26,
2024
December 28,
2023
Net income$208,647 $205,872 $245,980 
Basic weighted average shares outstanding107,639 107,075 106,264 
Dilutive effect of share-based awards780 1,244 1,618 
Diluted weighted average shares outstanding108,419 108,319 107,882 
Basic earnings per share$1.94 $1.92 $2.31 
Diluted earnings per share$1.92 $1.90 $2.28 
The following potentially dilutive securities were excluded from the computation of diluted earnings per share as a result of their anti-dilutive effect:
Fiscal Year Ended
in thousandsDecember 25,
2025
December 26,
2024
December 28,
2023
Stock options37 55 
Restricted stock units411 — 12 

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 20, 2025
2023Feb 22, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Feb 20, 2020
2018Feb 25, 2019
2017Mar 5, 2018

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.