Earnings Per Share

3 Months Ended

Mar. 23, 2013

Earnings Per Share [Text Block]

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 23, 2013	March 24, 2012
Net earnings	$	2,060	5,454
Net earnings per share-basic:
Weighted-average shares outstanding		12,998	12,951
Net earnings per share-basic	$	0.16	0.42
Net earnings per share-diluted:
Weighted-average shares outstanding		12,998	12,951
Shares contingently issuable		52	184
Weighted-average shares and potential dilutive shares outstanding		13,050	13,135
Net earnings per share-diluted	$	0.16	0.42

The senior subordinated convertible notes due in 2035, which were redeemed on March 15, 2013, were convertible at the option of the holder, only upon the occurrence of certain events.  The notes were 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 2008 and 2013 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 were 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 2013, approximately 5,000 shares related to the LTIP and 47,000 shares related to RSUs were included under “shares contingently issuable” in the calculation of diluted EPS as compared to approximately 105,000 shares related to the LTIP and 79,000 shares related to RSUs during the first quarter of 2012.