Kontoor Brands, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Apr. 02, 2022

The calculations of basic and diluted earnings per share ("EPS") are based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively.

The following table presents the calculations of basic and diluted EPS:


	Three Months Ended March

(In thousands, except per share amounts)		2022		2021
Net income		$	80,810	$	64,463
Basic weighted average shares outstanding		56,321		57,344
Dilutive effect of stock-based awards		1,515		1,558
Diluted weighted average shares outstanding		57,836		58,902
Earnings per share:
Basic earnings per common share		$	1.43	$	1.12
Diluted earnings per common share		$	1.40	$	1.09

For the three months ended March 2022, an immaterial number of anti-dilutive shares was excluded from the dilutive earnings per share calculation. For the three months ended March 2021, no anti-dilutive shares were excluded from the dilutive earnings per share calculation.

For the three months ended March 2022, an immaterial number of shares of performance-based restricted stock units ("PRSUs") was excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares. For the three months ended March 2021, 0.2 million shares of PRSUs were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares.