Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share Reconciliation [Abstract]

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 reflects the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan, shares issuable on redemption of its Convertible Notes, and shares issuable upon redemption of outstanding warrants.



	For the Three Months Ended
	March 31, 2017		April 1, 2016
In thousands, except per share amounts
Net earnings	$	6,291	$	9,777

Basic:
Weighted average number of shares outstanding	27,144		27,059
Basic earnings per share	$	0.23	$	0.36

Diluted:
Weighted average number of shares outstanding	27,144		27,059
Weighted average shares issuable on exercise of dilutive stock options	168		135
Weighted average shares issuable on redemption of convertible notes	1,146		612
Weighted average shares issuable on redemption of warrants	439		—
Total	28,897		27,806

Diluted earnings per share	$	0.22	$	0.35

Equity awards

For the three-month fiscal periods ended March 31, 2017, and April 1, 2016, respectively, 222,037 and 663,302 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

Convertible Notes

For the three-month fiscal periods ended March 31, 2017, and April 1, 2016, respectively, shares issuable under the Convertible Notes that were dilutive during the period were included in the calculation of earnings per share as the conversion price for the Convertible Notes was less than the average share price of the Company's stock.

Warrants

Excluded from the diluted earnings per share calculation for the three-month fiscal periods ended March 31, 2017, and April 1, 2016, were 3,005,660 and 3,430,992, respectively, shares issuable under the warrants sold in connection with the Company’s Convertible Note offering as they would be anti-dilutive.