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Earnings Per Share
6 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Accounting guidance for participating securities and the two-class method 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 for the three and six months ended December 31, 2016 and December 26, 2015 are as follows: 
 
Three Months Ended
 
Six Months Ended
 
December 31,
2016
 
December 26,
2015
 
December 31,
2016
 
December 26,
2015
Net income
$
9,262

 
$
18,493

 
$
19,312

 
$
34,756

Less: Income allocable to participating securities
(127
)
 
(271
)
 
(265
)
 
(498
)
Net income available to common stockholders
$
9,135

 
$
18,222

 
$
19,047

 
$
34,258

Basic earnings per share (shares in thousands):
 
 
 
 
 
 
 
Weighted average shares outstanding, basic
19,465

 
19,665

 
19,459

 
19,696

Basic earnings per common share:
 
 
 
 
 
 
 
Basic earnings per share
$
0.47

 
$
0.93

 
$
0.98

 
$
1.74

Diluted earnings per share (shares in thousands):
 
 
 
 
 
 
 
Weighted average shares outstanding, basic
19,465

 
19,665

 
19,459

 
19,696

Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options
361

 
205

 
351

 
240

Weighted average shares outstanding, diluted
19,826

 
19,870

 
19,810

 
19,936

Diluted earnings per common share:
 
 
 
 
 
 
 
Diluted earnings per share
$
0.46

 
$
0.92

 
$
0.96

 
$
1.72


We excluded potential common shares related to our outstanding equity compensation grants of 42,000 and 276,000 for the three months ended December 31, 2016 and December 26, 2015, and 34,000 and 204,000 for the six months ended December 31, 2016 and December 26, 2015, respectively, from the computation of diluted earnings per share. Inclusion of these shares would have been anti-dilutive.