Earnings Per Share

9 Months Ended

Sep. 26, 2015

5.	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. Approximately 7,000 shares from stock-based awards were considered anti-dilutive as of September 26, 2015. No stock-based awards were considered anti-dilutive as of September 27, 2014.

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 26, 2015		September 27, 2014		September 26, 2015		September 27, 2014
Numerator:
Net income	$	26,060	$	24,536	$	70,542	$	71,331
Denominator:
Weighted average basic shares outstanding		35,514		35,898		35,535		36,217
Effect of stock-based compensation awards		61		126		76		155

Weighted average diluted shares outstanding		35,575		36,024		35,611		36,372

Earnings Per Share:
Basic	$	0.73	$	0.68	$	1.99	$	1.97
Diluted	$	0.73	$	0.68	$	1.98	$	1.96