Earnings Per Share

9 Months Ended

Sep. 27, 2014

Earnings Per Share [Abstract]

Earnings Per Share

6. 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 calculated using the treasury stock method and are computed based on outstanding stock-based awards. However, in periods when the price of our stock-based awards, 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. No stock-based awards were considered anti-dilutive in the thirteen or thirty-nine weeks ended September 27, 2014 or September 28, 2013.

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 27, 2014		September 28, 2013		September 27, 2014		September 28, 2013
Numerator:
Net income	$	24,536	$	22,887	$	71,331	$	61,301
Denominator:
Weighted average basic shares outstanding		35,898		36,362		36,217		36,343
Effect of stock-based compensation awards		126		270		155		267
Weighted average diluted shares outstanding		36,024		36,632		36,372		36,610
Earnings Per Share:
Basic	$	0.68	$	0.63	$	1.97	$	1.69
Diluted	$	0.68	$	0.62	$	1.96	$	1.67