Earnings Per Common Share

6 Months Ended

Apr. 02, 2016

Earnings Per Common Share [Abstract]

Earnings Per Common Share

NOTE 7EARNINGS PER COMMON SHARE

Basic earnings per share is computed by dividing net income by the daily weighted average number of common shares outstanding during the applicable period. Using the treasury stock method, diluted earnings per share includes the potentially dilutive effect of common shares issued in connection with outstanding stock-based compensation options and grants. 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 729 and 175 weighted common shares have been excluded from the diluted weighted average common shares outstanding calculation for the three months ended April 2, 2016 and March 28, 2015, respectively. Stock options to acquire 627 and148 weighted common shares have been excluded from the diluted weighted average common shares outstanding calculation for the six months ended April 2, 2016 and March 28, 2015, respectively.The potentially dilutive effect of common shares issued in connection with outstanding stock options is determined based on the average market price for the period. A reconciliation of these amounts is as follows:

	Three Months Ended				Six Months Ended
		April 2,		March 28,		April 2,		March 28,
(in thousands, except per share data)		2016		2015		2016		2015
Net income	$	2,998	$	11,706	$	14,772	$	25,492
Weighted average common shares outstanding		14,756		14,986		14,808		15,047
Dilutive potential common shares		95		169		117		165
Weighted average dilutive common shares outstanding		14,851		15,155		14,925		15,212
Earnings per share
Basic	$	0.20	$	0.78	$	1.00	$	1.69
Diluted	$	0.20	$	0.77	$	0.99	$	1.68