Earnings Per Share

9 Months Ended

Sep. 27, 2016

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except for per share data):



	For the 13 Weeks Ended				For the 39 Weeks Ended
	September 27, 2016		September 29, 2015		September 27, 2016		September 29, 2015
Amounts used for basic and diluted per share calculations:
Net income attributable to Panera Bread Company	$	31,975	$	32,393	$	101,564	$	106,182

Weighted average number of shares outstanding — basic	23,276		25,394		23,651		26,011
Effect of dilutive stock-based employee compensation awards	115		107		123		108
Weighted average number of shares outstanding — diluted	23,391		25,501		23,774		26,119

Earnings per common share:
Basic	$	1.37	$	1.28	$	4.29	$	4.08
Diluted	$	1.37	$	1.27	$	4.27	$	4.07

For each of the thirteen and thirty-nine weeks ended September 27, 2016 and September 29, 2015, weighted-average outstanding stock options, restricted stock, and stock-settled appreciation rights of less than 0.1 million shares were excluded in calculating diluted earnings per share as the exercise price exceeded fair market value and the inclusion of such shares would have been antidilutive.