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Earnings Per Common Share
 3 Months Ended
Dec. 27, 2014
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

5. Earnings Per Common Share

 

Basic earnings per share are computed by dividing net earnings by the daily weighted average number of common shares outstanding during the applicable periods. Diluted earnings per share include the potentially dilutive effect of common shares issued in connection with outstanding stock-based compensation awards using the treasury stock method. Under the treasury stock method, shares associated with certain stock options have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding. As a result, stock options to acquire less than 0.1 million weighted common shares have been excluded from diluted weighted shares outstanding for each of the first quarter ended December 27, 2014 and December  28, 2013, respectively.  The potentially dilutive effect of common shares issued in connection with outstanding stock options is determined based on net income. A reconciliation of these amounts is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Fiscal Months Ended

 

 

 

December 27,

 

 

December 28,

 

 

 

2014

 

 

2013

 

 

(expressed in thousands, except per share data)

 

 

 

 

 

 

 

Net income

$
13,786 

 

$
9,145 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 
15,108 

 

 
15,352 

 

Dilutive potential common shares

 
162 

 

 
187 

 

Total diluted weighted shares outstanding

 
15,270 

 

 
15,539 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

  Basic

$
0.91 

 

$
0.60 

 

  Diluted

$
0.90 

 

$
0.59