Earnings Per Share

6 Months Ended

Jun. 29, 2013

Earnings Per Share [Abstract]

Earnings Per Share

7. Earnings Per Share

Basic earnings per share is 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 shares of common stock were outstanding at June 30, 2012, 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				Twenty-six Weeks Ended
(in thousands, except per share data)	June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
Numerator:
Income from continuing operations	$	19,342	$	16,106	$	38,414	$	31,400
Income from discontinued operations		—		3,636		—		3,920
Net income	$	19,342	$	19,742	$	38,414	$	35,320
Denominator:
Weighted average basic shares outstanding		36,347		36,058		36,331		36,014
Effect of stock-based compensation awards		338		578		327		559
Weighted average diluted shares outstanding		36,685		36,636		36,658		36,573
Earnings Per Share:
Basic:
Income from continuing operations	$	0.53	$	0.45	$	1.06	$	0.87
Income from discontinued operations		—		0.10		—		0.11
Net income	$	0.53	$	0.55	$	1.06	$	0.98
Diluted:
Income from continuing operations	$	0.53	$	0.44	$	1.05	$	0.86
Income from discontinued operations		—		0.10		—		0.11
Net income	$	0.53	$	0.54	$	1.05	$	0.97