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Earnings Per Share
 9 Months Ended
Apr. 02, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
    
The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company’s unvested grants of restricted stock, restricted stock units, and deferred stock awards contain non-forfeitable rights to dividends (whether paid or unpaid), which are required to be treated as participating securities and included in the computation of basic earnings per share.

Information on earnings per share is as follows (in thousands, except per share data):
 
 
Three Months Ended
 
Nine Months Ended
 
 
April 2,
2017
 
March 27,
2016
 
April 2,
2017
 
March 27,
2016
Net Income
 
$
35,819

 
$
26,823

 
$
36,922

 
$
21,212

Less: Allocation to Participating Securities
 
(821
)
 
(579
)
 
(776
)
 
(402
)
Net Income Available to Common Shareholders
 
$
34,998

 
$
26,244

 
$
36,146

 
$
20,810

Average Shares of Common Stock Outstanding
 
42,076

 
42,621

 
42,217

 
43,158

Diluted Average Shares, Including Participating Securities
 
42,901

 
43,536

 
43,006

 
44,070

Adjustment for Participating Securities
 
(726
)
 
(647
)
 
(735
)
 
(693
)
Shares Used in Calculating Diluted Earnings Per Share
 
42,175

 
42,889

 
42,271

 
43,377

Basic Earnings Per Share
 
$
0.83

 
$
0.62

 
$
0.86

 
$
0.48

Diluted Earnings Per Share
 
$
0.83

 
$
0.61

 
$
0.86

 
$
0.48



The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. The following options to purchase shares of common stock were excluded from the calculation of diluted earnings per share as the exercise prices were greater than the average market price of the common shares:
 
 
Three Months Ended
 
Nine Months Ended
 
 
April 2,
2017
 
March 27,
2016
 
April 2,
2017
 
March 27,
2016
Options to Purchase Shares of Common Stock (in thousands)
 
—

 
408

 
—

 
910

Weighted Average Exercise Price of Options Excluded
 
$
—

 
$
20.82

 
$
—

 
$
20.31



On April 21, 2016, the Board of Directors authorized up to $50 million in funds for use in the common share repurchase program with an expiration date of June 29, 2018. As of April 2, 2017, the total remaining authorization was approximately $32.3 million. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the nine months ended April 2, 2017, the Company repurchased 916,040 shares on the open market at an average price of $19.57 per share, as compared to 1,841,078 shares purchased on the open market at an average price of $18.14 per share during the nine months ended March 27, 2016.