Earnings per Share

3 Months Ended

Mar. 24, 2012

Earnings per Share [Abstract]

Earnings per Share [TextBlock]

Note 9 – Earnings Per Share

                The following table reflects the calculation of basic and diluted earnings per share:

		First Quarter
		Ended
(In thousands, except per share amounts)		March 24, 2012	March 26, 2011
Net earnings	$	5,454	7,481
Net earnings per share-basic:
Weighted-average shares outstanding		12,951	12,719
Net earnings per share-basic	$	0.42	0.59
Net earnings per share-diluted:
Weighted-average shares outstanding		12,951	12,719
Shares contingently issuable		184	297
Weighted-average shares and potential dilutive
shares outstanding		13,135	13,016
Net earnings per share-diluted	$	0.42	0.57

                In 2011, SARs were excluded from the calculation of diluted net earnings per share because the exercise price was greater than the market price of the stock and would have been anti-dilutive under the treasury stock method.

The senior subordinated convertible notes due in 2035 will be convertible at the option of the holder, only upon the occurrence of certain events, at an adjusted conversion rate of 9.6224 shares (initially 9.3120) of our common stock per $1,000 principal amount at maturity of notes (equal to an adjusted conversion price of approximately $48.44 per share). Upon conversion, we will pay the holder the conversion value in cash up to the accreted principal amount of the note and the excess conversion value, if any, in cash, stock or both, at our option.  The notes are only dilutive above their accreted value and for all periods presented the weighted average market price of the Company’s stock did not exceed the accreted value.  Therefore, the notes are not dilutive to earnings per share for any of the periods presented.

                Vested shares deferred by executives and board members are included in the calculation of basic earnings per share.  Other performance units and RSUs granted between 2007 and 2012 pursuant to the 2000 Plan and 2009 Plan will be settled in shares of Nash Finch common stock.  Unvested RSUs are not included in basic earnings per share until vested.  All shares of time-restricted stock are included in diluted earnings per share using the treasury stock method, if dilutive.  Performance units granted for the LTIP are only issuable if certain performance criteria are met, making these shares contingently issuable..  Therefore, the performance units are included in diluted earnings per share at the payout percentage based on performance criteria results as of the end of the respective reporting period and then accounted for using the treasury stock method, if dilutive.  For the first quarter of 2012, approximately 105,000 shares related to the LTIP and 79,000 shares related to RSUs were included under “shares contingently issuable” in the calculation of diluted EPS as compared to approximately 47,000 shares related to the LTIP and 250,000 shares related to RSUs during the first quarter of 2011.