Earning Per Share

3 Months Ended

Mar. 24, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

2. EARNINGS PER SHARE

The Company calculates earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and therefore need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method.

The following table sets forth the computation of basic and diluted earnings per share:

	12 Weeks Ended
	March 24, 2012			March 26, 2011
Numerator:
Net earnings	$	31,180		$	35,863
Adjustment for earnings allocated to non-vested restricted common stock		(586	)		(588	)
Net earnings used in calculating basic earnings per share		30,594			35,275
Adjustment for earnings reallocated from non-vested restricted common stock		24			18
Net earnings used in calculating diluted earnings per share	$	30,618		$	35,293
Denominator:
Weighted average shares outstanding		48,434,063			49,292,383
Adjustment for non-vested restricted common stock		(1,400,866	)		(1,379,644	)
Shares used in calculating basic earnings per share		47,033,197			47,912,739
Effect of dilutive stock options		1,124,300			1,264,737
Shares used in calculating diluted earnings per share		48,157,497			49,177,476
Net earnings per share:
Basic	$	0.65		$	0.74
Diluted	$	0.64		$	0.72

Share-based awards relating to 533,792 and 268,901 shares of common stock outstanding at March 24, 2012 and March 26, 2011, respectively, have not been included in the denominator for the computation of diluted earnings per share because the related exercise prices of these shares were greater than the average market price for the quarters then-ended and they were, therefore, anti-dilutive.