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

9 Months Ended

Sep. 28, 2024

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 September				Nine Months Ended September

(In thousands, except per share amounts)	2024		2023		2024		2023
Net income	$	70,548	$	59,531	$	181,824	$	162,223
Basic weighted average shares outstanding	55,421		56,151		55,655		55,962
Dilutive effect of stock-based awards	633		805		761		952
Diluted weighted average shares outstanding	56,054		56,956		56,416		56,914
Earnings per share:
Basic earnings per share	$	1.27	$	1.06	$	3.27	$	2.90
Diluted earnings per share	$	1.26	$	1.05	$	3.22	$	2.85

For the three and nine months ended September 2024 and September 2023, an immaterial number of shares were excluded from the dilutive earnings per share calculations because the effect of their inclusion would have been anti-dilutive.

For the three and nine months ended September 2024, a total of 0.5 million and 0.6 million shares of performance-based restricted stock units ("PRSUs"), respectively, 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 nine months ended September 2023, a total of 0.6 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.