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

6 Months Ended

Jul. 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 June					Six Months Ended June

(In thousands, except per share amounts)		2022		2021			2022		2021
Net income		$	61,995	$	23,637		$	142,805	$	88,100
Basic weighted average shares outstanding		55,740		57,612			56,031		57,478
Dilutive effect of stock-based awards		971		1,744			1,284		1,651
Diluted weighted average shares outstanding		56,711		59,356			57,315		59,129
Earnings per share:
Basic earnings per common share		$	1.11	$	0.41		$	2.55	$	1.53
Diluted earnings per common share		$	1.09	$	0.40		$	2.49	$	1.49

For the three and six months ended June 2022 and June 2021, an immaterial number of anti-dilutive shares was excluded from the dilutive earnings per share calculation.

For the three and six months ended June 2022, a total of 0.2 million and 0.1 million shares, respectively, of PRSUs were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares. For both the three and six months ended June 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.