Computation of Earnings Per Share

6 Months Ended

Jun. 29, 2012

COMPUTATION OF EARNINGS PER SHARE [Abstract]

Computation of 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 year. The computation of diluted earnings per share includes the common stock equivalency of dilutive options granted to employees under the Stock Incentive Plan.

Excluded from the diluted earnings per share calculation for the three and six months ended June 29, 2012, respectively, are 372,486 and 358,208 shares of equity awards granted to employees that are anti-dilutive based on the average stock price. Excluded from the diluted earnings per share calculation for the three and six months ended July 1, 2011, respectively, are 156,230 and 268,207 shares of equity awards granted to employees that are anti-dilutive based on the average stock price.

	For the Three Months Ended				For the Six Months Ended
	June 29, 2012		July 1, 2011		June 29, 2012		July 1, 2011
In thousands, except per share amounts
Net earnings	$	16,479	$	14,027	$	25,882	$	28,219
Basic:
Weighted average number of shares outstanding	26,390		26,286		26,342		26,206
Net earnings per share	$	0.62	$	0.53	$	0.98	$	1.08
Diluted:
Weighted average number of shares outstanding	26,390		26,286		26,342		26,206
Weighted average shares issuable on exercise of dilutive stock options	144		262		156		245
Weighted average shares issuable on exercise of convertible notes	—		125		—		63
Total	26,534		26,673		26,498		26,514
Diluted net earnings per share	$	0.62	$	0.53	$	0.98	$	1.06

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 were excluded from the diluted earnings per share calculation for the three-month and six-month periods ended June 29, 2012 because the conversion price was greater than the average market price of our stock during those periods. For the three-month period ended July 1, 2011, shares issuable under the Convertible Notes that were dilutive during the period were included in the calculation of earnings per share as the exercise price for the Convertible Notes was less than the average share price. Excluded from the diluted earnings per share calculation for the three and six months ended June 29, 2012 are 3,396,016 and 3,394,841 shares, respectively, issuable under the warrants sold in connection with the Company’s convertible note offering as they would be anti-dilutive. Excluded from the diluted earnings per share calculation for the three and six months ended July 1, 2011, are 3,386,739 shares issuable under the warrants sold in connection with the Company’s convertible note offering as they would be anti-dilutive.