Earnings Per Share

9 Months Ended

Sep. 24, 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 16,000 shares and 7,000 shares were excluded from the calculation of diluted earnings per share as of September 24, 2016 and September 26, 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				Thirty-nine Weeks Ended
(in thousands, except per share data)	September 24, 2016		September 26, 2015		September 24, 2016		September 26, 2015
Numerator
Net income	$	26,695	$	26,060	$	77,348	$	70,542
Denominator:
Weighted average basic shares outstanding		34,572		35,514		34,560		35,535
Effect of stock-based compensation awards		100		61		66		76

Weighted average diluted shares outstanding		34,672		35,575		34,626		35,611

Earnings Per Share:
Basic	$	0.77	$	0.73	$	2.24	$	1.99
Diluted	$	0.77	$	0.73	$	2.23	$	1.98