Earnings Per Share

9 Months Ended

Sep. 29, 2012

Earnings Per Share [Abstract]

Earnings Per Share

7. 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 average stock price during the period, those common share equivalents are considered anti-dilutive and are excluded from the calculation of diluted earnings per share. Options to purchase 50,000 and 30,000 shares of common stock were outstanding at September 29, 2012 and September 24, 2011, 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 29, 2012		September 24, 2011			September 29, 2012		September 24, 2011
Numerator:
Net income from continuing operations	$	19,756	$	15,016		$	51,156	$	41,045
Net income (loss) from discontinued operations		586		(3,516	)		4,506		(4,412	)
Net income	$	20,342	$	11,500		$	55,662	$	36,633
Denominator:
Weighted average basic shares outstanding		36,240		35,933			36,089		35,842
Effect of stock-based compensation awards		382		485			400		523
Weighted average diluted shared outstanding		36,622		36,418			36,489		36,365
Earnings Per Share:
Basic:
Net income from continuing operations	$	0.54	$	0.42		$	1.41	$	1.15
Net income (loss) from discontinued operations		0.02		(0.10	)		0.13		(0.13	)
Net income	$	0.56	$	0.32		$	1.54	$	1.02
Diluted:
Net income from continuing operations	$	0.54	$	0.41		$	1.40	$	1.13
Net income (loss) from discontinued operations		0.02		(0.09	)		0.13		(0.12	)
Net income	$	0.56	$	0.32		$	1.53	$	1.01