Computation of Earnings Per Share

6 Months Ended

Jul. 01, 2011

COMPUTATION OF EARNINGS PER SHARE [Abstract]

Earnings Per Share

COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each period. The computation of diluted earnings per share includes the common stock equivalency of convertible debt and dilutive option awards granted to employees under the Stock Incentive Plan.

	For the three months ended				For the six months ended
	July 1, 2011		July 2, 2010		July 1, 2011		July 2, 2010
	(in thousands, except per share amount)
Net earnings	$	13,421	$	6,077	$	27,007	$	7,803
Basic:
Weighted average shares outstanding	26,286		25,926		26,206		25,877
Basic earnings per share	$	0.51	$	0.23	$	1.03	$	0.30
Diluted:
Weighted average shares outstanding	26,286		25,926		26,206		25,877
Weighted average shares issuable on exercise of
dilutive stock options	262		167		245		178
Weighted average shares issuable on exercise of
convertible notes	125		—		63		—
Weighted average diluted shares outstanding	26,673		26,093		26,514		26,055
Diluted earnings per share	$	0.50	$	0.23	$	1.02	$	0.30

Excluded from the diluted earnings per share calculation for the three months and six months ended July 1, 2011, respectively, are 156,230 and 268,207 anti-dilutive option awards granted to employees. Excluded from the diluted earnings per share calculation for the three months and six months ended July 2, 2010, respectively, are 520,702 and 520,042 anti-dilutive option awards granted to employees.

In November 2010, the Company issued Convertible Notes due on November 15, 2017 in the aggregate principal amount of $115.0 million. Shares issuable under the Convertible Notes that were dilutive during the period have been included in the calculation of earnings per share as the exercise price for the Convertible Notes was less than the average share price for the period. Excluded from the diluted earnings per share calculation for the three months and six months ended July 1, 2011 are 3,386,739 shares issuable under the warrants with a strike price of $44.40 sold in connection with the Company’s convertible note offering as they would be anti-dilutive.