Earnings Per Share

12 Months Ended

Dec. 30, 2017

13. 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 approximately 106,000 shares, 50,000 shares and 7,500 shares were excluded from the calculation of diluted earnings per share as of December 30, 2017, December 31, 2016 and December 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:

(in thousands, except per share data)	2017		2016		2015
Numerator:
Net income	$	106,599	$	106,049	$	92,329
Denominator:
Weighted average basic shares outstanding		33,964		34,516		35,466
Effect of compensation awards		88		82		72
Weighted average diluted shares outstanding		34,052		34,598		35,538
Earnings Per Share:
Basic	$	3.14	$	3.07	$	2.60
Diluted	$	3.13	$	3.07	$	2.60