Earnings Per Share

12 Months Ended

Dec. 26, 2015

12.

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 calculated using the treasury stock method and are computed based on outstanding stock-based awards. Stock-based awards of 7,500 shares and 5,000 shares were excluded from the calculation of diluted earnings per share as of December 26, 2015 and December 27, 2014, respectively, as their effect would have been anti-dilutive. No stock-based awards were considered anti-dilutive in the fiscal year ended December 28, 2013.

The following table sets forth the computation of basic earnings per share and diluted earnings per share:


(in thousands, except per share data)	2015		2014		2013
Numerator:
Net income	$	92,329	$	89,987	$	81,920
Denominator:
Weighted average basic shares outstanding		35,466		36,052		36,347
Effect of compensation awards		72		138		277

Weighted average diluted shares outstanding		35,538		36,190		36,624


Earnings Per Share:
Basic	$	2.60	$	2.50	$	2.25
Diluted	$	2.60	$	2.49	$	2.24