Earnings (Loss) per Share

12 Months Ended

Dec. 29, 2012

Earnings Per Share [Text Block]

(11)       Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share:

(in thousands, except per share amounts)		2012		2011		2010
Numerator:
Net earnings (loss)	$	(93,872)	$	35,805	$	50,941
Denominator:
Denominator for basic earnings per share (weighted-average shares)		12,970		12,808		12,819
Effect of dilutive options and awards		-		260		367
Denominator for diluted earnings per share (adjusted weighted-average shares)		12,970		13,068		13,186
Basic earnings (loss) per share	$	(7.24)	$	2.80	$	3.97
Diluted earnings (loss) per share	$	(7.24)	$	2.74	$	3.86

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 9.7224 shares (initially 9.3120) of our common stock per $1,000 principal amount at maturity of the notes (equal to an adjusted conversion price of approximately $47.94 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.  Therefore, the notes are not currently dilutive to earnings per share as they are only dilutive above the accreted value.

Vested shares deferred by executives and board members are included in the calculation of basic earnings per share.  These shares consist of performance units and restricted stock units earned by executives and board members as well as vested shares awarded under our LTIP.  During fiscal 2011 and 2010, performance units granted under the 2008 LTIP Plan and 2007 LTIP Plan, respectively, were settled in shares of common stock, some of which were deferred by executives as required by the plans.  Other performance units and RSUs granted between 2008 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 under ASC Topic 260.  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.  Shares related to the LTIP and shares related to RSUs that are included under “effect of dilutive options and awards” in the calculation of diluted earnings per share are as follows:

	Fiscal	Fiscal	Fiscal
(in thousands)	2012	2011	2010
LTIP	-	67	150
RSUs	-	193	217