Earnings Per Share

3 Months Ended

Sep. 28, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Accounting Standards Codification (ASC) 260-10-45, Participating Securities and the Two-Class Method ("ASC 260-10-45"), addresses whether awards granted in unvested share-based payment transactions that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and therefore are included in computing earnings per share under the two-class method. Participating securities are securities that may participate in dividends with common stock and the two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and other shareholders, based on their respective rights to receive dividends. Certain restricted stock awards granted under our Equity Plans are considered participating securities as these awards receive non-forfeitable dividends at the same rate as common stock.

The computations of our basic and diluted earnings per share are set forth below:

	Three Months Ended
	September 28, 2013			September 29, 2012
Basic earnings per share (shares in thousands):
Net income	$	13,821		$	11,894
Less: Income allocable to participating securities	(181		)	(175		)
Net income available to common stockholders	$	13,640		$	11,719
Weighted average shares outstanding, basic	19,429			18,681
Basic earnings per common share	$	0.70		$	0.63
Diluted earnings per share (shares in thousands):
Net income available to common stockholders	$	13,640		$	11,719
Weighted average shares outstanding, basic	19,429			18,681
Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options	407			268
Weighted average shares outstanding, diluted	19,836			18,949
Diluted earnings per common share	$	0.69		$	0.62

We excluded potential common shares related to our outstanding equity compensation grants of 94,000 and 537,000 for the three months ended September 28, 2013 and September 29, 2012, respectively, from the computation of diluted earnings per share. Inclusion of these shares would have been anti-dilutive.