Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

v3.22.0.1
EARNINGS PER SHARE
 12 Months Ended
Jan. 01, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
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. On May 22, 2019, the Separation from VF was effected through a pro-rata distribution of one share of the Company's common stock for every seven shares of VF common stock held at the close of business on the record date of May 10, 2019. As a result, on May 23, 2019, the Company had 56,647,561 shares of common stock outstanding. This share amount was utilized for the calculations of basic and diluted earnings per share through the Separation date. After the Separation date, actual outstanding shares were used in the calculations of both basic and diluted weighted average number of common shares outstanding.
The following table presents the calculations of basic and diluted EPS:
Year Ended December
(In thousands, except per share amounts) 2021 2020 2019
Net income $ 195,423  $ 67,923  $ 96,654 
Basic weighted average shares outstanding 57,394  56,994  56,688 
Dilutive effect of stock-based awards 1,692  864  521 
Diluted weighted average shares outstanding 59,086  57,858  57,209 
Earnings per share:
Basic earnings per share $ 3.40  $ 1.19  $ 1.71 
Diluted earnings per share $ 3.31  $ 1.17  $ 1.69 
For the year ended December 2021, there were an immaterial number of anti-dilutive shares that were excluded from the dilutive earnings per share calculation. A total of 0.8 million and 0.1 million shares related to stock-based awards were excluded from the diluted earnings per share calculations for the years ended December 2020 and December 2019, respectively, because the effect of their inclusion would have been anti-dilutive.
For the years ended December 2021, December 2020 and December 2019, a total of 0.2 million, 0.4 million and 0.3 million shares of PRSUs, respectively, were excluded from the calculations of diluted earnings per share as the units were not considered to be contingent outstanding shares.