Earnings Per Share

3 Months Ended

Apr. 01, 2017

Earnings Per Share [Abstract]

Earnings Per Share

6. 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 37,464 shares and 73,000 shares were excluded from the calculation of diluted earnings per share as of April 1, 2017 and March 26, 2016, 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)	April 1, 2017		March 26, 2016
Numerator
Net income	$	29,187	$	24,671
Denominator:
Weighted average basic shares outstanding		34,385		34,678
Effect of stock-based compensation awards		94		56
Weighted average diluted shares outstanding		34,479		34,734
Earnings Per Share:
Basic	$	0.85	$	0.71
Diluted	$	0.85	$	0.71