Earnings Per Share

3 Months Ended

Mar. 31, 2018

8.	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 197,000 shares and 106,000 shares were excluded from the calculation of diluted earnings per share as of March 31, 2018 and April 1, 2017, 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)	March 31, 2018		April 1, 2017
Numerator
Net income	$	30,647	$	29,187
Denominator:
Weighted average basic shares outstanding		32,917		34,385
Effect of stock-based compensation awards		86		94
Weighted average diluted shares outstanding		33,003		34,479
Earnings Per Share:
Basic	$	0.93	$	0.85
Diluted	$	0.93	$	0.85