Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share
6 Months Ended
Jun. 29, 2019
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted weighted-average shares outstanding are as follows: 
Six Months Ended
Three Months Ended
(In thousands)
June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018
Weighted Average Shares - Basic
32,640  32,298  32,665  32,313 
Net Effect of Dilutive Stock Options
553  770  510  809 
Weighted Average Shares - Diluted
33,193  33,068  33,175  33,122 
The above prior-year information has been adjusted to reflect the impact of the three-for-twenty Class B stock distribution to shareholders of record on October 12, 2018.
Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares covered by out-of-the-money stock options was approximately 18,000 shares as of June 29, 2019 and 160,000 shares as of June 30, 2018.