Net Income Per Common Share

9 Months Ended

Oct. 01, 2011

Net Income Per Common Share [Abstract]

Net Income Per Common Share

Note 5 – Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated using the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, PSUs, Performance-based RSUs and Time-based RSUs.

A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows:

	For the Three Months Ended				For the Nine Months Ended
(in thousands)	October 1, 2011		October 2, 2010		October 1, 2011		October 2, 2010
Weighted average number of shares outstanding - basic		94,325		87,196		94,179		82,675
Dilutive effect of stock options		34		191		34		191
Dilutive effect of PSUs		—		189		—		189
Dilutive effect of Performance-based RSUs		—		1,100		—		366
Dilutive effect of Time-based RSUs		787		280		686		93
Adjusted weighted average number of shares outstanding - diluted		95,146		88,956		94,899		83,514

We excluded 233,500 (October 2, 2010 – 354,000) stock options from the computation of diluted net income per share because the options' exercise price was greater than the average market price of the common shares. Shares purchased on the open market and held by independent trusts are categorized as treasury shares under applicable accounting rules. We excluded 674,397 (October 2, 2010 – 957,104) treasury shares held in various trusts in the calculation of basic and diluted earnings per share.