Earnings Per Share

6 Months Ended

Jun. 25, 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 approximately 15,700 shares and 7,200 shares were excluded from the calculation of diluted earnings per share as of June 25, 2016 and June 27, 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				Twenty-six Weeks Ended
(in thousands, except per share data)	June 25, 2016		June 27, 2015		June 25, 2016		June 27, 2015
Numerator
Net income	$	25,982	$	23,143	$	50,653	$	44,482
Denominator:
Weighted average basic shares outstanding		34,546		35,548		34,615		35,545
Effect of stock-based compensation awards		80		66		54		84

Weighted average diluted shares outstanding		34,626		35,614		34,669		35,629

Earnings Per Share:
Basic	$	0.75	$	0.65	$	1.46	$	1.25
Diluted	$	0.75	$	0.65	$	1.46	$	1.25