Earnings Per Share

9 Months Ended

Sep. 24, 2011

Earnings Per Share [Abstract]

Earnings Per Share

5. Earnings Per Share

Basic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding nonvested restricted stock which is considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are computed based on the number of outstanding stock options and unvested restricted stock as calculated using the treasury stock method. However, in periods when the exercise price of our stock options, by grant, is greater than our actual stock price as of the end of the period, those common share equivalents are considered anti-dilutive and are excluded from the calculation of diluted earnings per share. Options to purchase 15,000 and 25,000 shares were outstanding at September 24, 2011 and September 25, 2010, respectively, but were excluded from the calculation of dilutive earnings per share as their effect would have been anti-dilutive.

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

	Thirteen Weeks Ended				Thirty-nine Weeks Ended
(in thousands, except per share data)	September 24, 2011		September 25, 2010		September 24, 2011		September 25, 2010
Numerator:
Net income	$	11,500	$	12,817	$	36,633	$	33,917
Denominator:
Weighted average shares outstanding used in basic earnings per share calculation		17,966		17,800		17,921		17,749
Effect of dilutive stock options and nonvested stock		243		376		261		376
Adjusted weighted average shares outstanding used in diluted earnings per share calculation		18,209		18,176		18,182		18,125
Basic earnings per share	$	0.64	$	0.72	$	2.04	$	1.91
Diluted earnings per share	$	0.63	$	0.71	$	2.01	$	1.87