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Earnings Per Share
 9 Months Ended
Sep. 28, 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 nonvested 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 September 29, 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      Thirty-nine Weeks Ended  

(in thousands, except per share data)

    September 28,
2013		      September 29,
2012		      September 28,
2013		      September 29,
2012		  

Numerator:

            

Income from continuing operations

    $ 22,887       $ 19,756       $ 61,301       $ 51,156   

Income from discontinued operations

      —           586         —           4,506   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 22,887       $ 20,342       $ 61,301       $ 55,662   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Weighted average basic shares outstanding

      36,362         36,240         36,343         36,089   

Effect of stock-based compensation awards

      270         382         267         400   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average diluted shares outstanding

      36,632         36,622         36,610         36,489   

Earnings Per Share:

            

Basic:

            

Continuing operations

    $ 0.63       $ 0.54       $ 1.69       $ 1.41   

Discontinued operations

      —           0.02         —           0.13   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 0.63       $ 0.56       $ 1.69       $ 1.54   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted:

            

Continuing operations

    $ 0.62       $ 0.54       $ 1.67       $ 1.40   

Discontinued operations

      —           0.02         —           0.13   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 0.62       $ 0.56       $ 1.67       $ 1.53