Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share
3 Months Ended
Apr. 02, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted weighted-average shares outstanding are as follows:
Three Months Ended
(In thousands)
April 2, 2022 April 3, 2021
Weighted Average Shares - Basic
31,933  30,903 
Net Effect of Dilutive Stock Options
—  — 
Weighted Average Shares - Diluted
31,933  30,903 
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 848,000 shares as of April 2, 2022 and 652,000 shares as of April 3, 2021. Further, due to our net loss in the three month periods ended April 2, 2022 and April 3, 2021, the assumed exercise of stock compensation had an antidilutive effect and therefore was excluded from the computation of diluted loss per share.
Currently, the Company expects to fund the 401K contribution for the quarter ended April 2, 2022 with treasury stock in lieu of cash. The earnings per share calculation for the quarter ended April 2, 2022 is inclusive of the approximately 0.1 million in shares outstanding for the equivalent shares needed to fulfill the obligation using the closing share price as of April 2, 2022. Actual shares issued may differ based on the sale price on the settlement date.