Earnings Per Share

12 Months Ended

Dec. 31, 2016

11.

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 27,000 shares, 7,500 shares and 5,000 shares were excluded from the calculation of diluted earnings per share as of December 31, 2016, December 26, 2015 and December 27, 2014, 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:


(in thousands, except per share data)	2016		2015		2014
Numerator:
Net income	$	106,049	$	92,329	$	89,987
Denominator:
Weighted average basic shares outstanding		34,516		35,466		36,052
Effect of compensation awards		82		72		138

Weighted average diluted shares outstanding		34,598		35,538		36,190

Earnings Per Share:
Basic	$	3.07	$	2.60	$	2.50
Diluted	$	3.07	$	2.60	$	2.49