Kontoor Brands Inc
For the period ended Dec 30, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Earnings Per Share
NOTE 19 —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.
The following table presents the calculations of basic and diluted EPS:
| Year Ended December | |||
|---|---|---|---|
| (In thousands, except per share amounts) | 2023 | 2022 | 2021 |
| Net income | $230,994 | $245,493 | $195,423 |
| Basic weighted average shares outstanding | 55,961 | 55,744 | 57,394 |
| Dilutive effect of stock-based awards | 970 | 1,218 | 1,692 |
| Diluted weighted average shares outstanding | 56,931 | 56,962 | 59,086 |
| Earnings per share: | |||
| Basic earnings per share | $4.13 | $4.40 | $3.40 |
| Diluted earnings per share | $4.06 | $4.31 | $3.31 |
For the years ended December 2023, December 2022 and December 2021, 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 years ended December 2023, December 2022 and December 2021, a total of 0.6 million,0.3 million and 0.2 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.
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