Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share

5. Earnings Per Share:

Basic earnings per share (“EPS”) represents net income divided by the weighted average number of common shares outstanding during the period. Common shares outstanding consist of shares of our common stock and certain unvested shares of restricted stock containing nonforfeitable dividend rights. As of March 31, 2013, there are no unvested shares of restricted stock with nonforfeitable dividend rights. Diluted EPS represents net income divided by the basic weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares represent the incremental common shares issuable upon the vesting of unvested shares of restricted stock. The dilutive effect of potential common shares is determined using the treasury stock method, whereby unamortized stock-based compensation cost of unvested restricted stock, and any associated excess tax benefits are assumed to be used to repurchase our common stock at the average market price during the period.

The following table sets forth the computation of basic and diluted EPS:

	Three Months Ended
	March 31,		April 1,
	2013		2012
	(in thousands, except per share data)
Numerator:
Net income	$	33,257	$	32,304
Denominator:
Basic weighted average common shares outstanding		17,365		17,784
Potential common shares for restricted stock		102		65
Diluted weighted average common shares outstanding		17,467		17,849
Earnings per share:
Basic	$	1.92	$	1.82
Diluted	$	1.90	$	1.81