Earnings Per Share

12 Months Ended

Dec. 28, 2013

Earnings Per Share [Abstract]

Earnings Per Share

13. 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 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 20,000 and 30,000 shares of common stock were outstanding at December 29, 2012 and December 31, 2011, respectively, but were excluded from the calculation of diluted 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:

(in thousands, except per share data)	2013		2012		2011
Numerator:
Income from continuing operations	$	81,920	$	66,405	$	56,202
Income (loss) from discontinued operations		—		4,557		(2,925	)
Net income	$	81,920	$	70,962	$	53,277
Denominator:
Weighted average basic shares outstanding		36,347		36,124		35,866
Effect of compensation awards		277		370		504
Weighted average diluted shares outstanding		36,624		36,494		36,370
Earnings Per Share:
Basic:
Income from continuing operations	$	2.25	$	1.84	$	1.57
Income (loss) from discontinued operations		—		0.12		(0.08	)
Net income	$	2.25	$	1.96	$	1.49
Diluted:
Income from continuing operations	$	2.24	$	1.82	$	1.55
Income (loss) from discontinued operations		—		0.12		(0.08	)
Net income	$	2.24	$	1.94	$	1.47