Earnings Per Share

3 Months Ended

Mar. 26, 2016

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. Stock-based awards of 73,000 shares and 19,000 shares were excluded from the calculation of diluted earnings per share as of March 26, 2016 and March 28, 2015, respectively, 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
(in thousands, except per share data)	March 26, 2016		March 28, 2015
Numerator
Net income	$	24,671	$	21,339
Denominator:
Weighted average basic shares outstanding		34,678		35,542
Effect of stock-based compensation awards		56		101

Weighted average diluted shares outstanding		34,734		35,643

Earnings Per Share:
Basic	$	0.71	$	0.60
Diluted	$	0.71	$	0.60