Net Income Per Common Share

3 Months Ended

Mar. 30, 2013

Earnings Per 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, 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
(in thousands of shares)	March 30, 2013		March 31, 2012
Weighted-average number of shares outstanding - basic		95,371		94,427
Dilutive effect of stock options		49		30
Dilutive effect of Performance-based RSUs		127		114
Dilutive effect of Time-based RSUs		254		1,131
Adjusted weighted-average number of shares outstanding - diluted		95,801		95,702

We excluded 50,000 (March 31, 2012–183,500) 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 treasury shares held in various trusts in the calculation of basic and diluted earnings per share for the three months ended March 31, 2012. We distributed the remaining shares from the trusts to satisfy certain 2010 Equity Incentive Plan obligations that vested during the fourth quarter of 2012.