Net Income Per Common Share

12 Months Ended

Dec. 28, 2013

Earnings Per Share [Abstract]

Net Income Per Common Share

Note 8—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 Year Ended
(in thousands)	December 28, 2013		December 29, 2012		December 31, 2011
Weighted average number of shares outstanding - basic		94,750		94,553		94,241
Dilutive effect of stock options		55		32		33
Dilutive effect of Performance-based RSUs		303		58		727
Dilutive effect of Time-based RSUs		525		132		—
Adjusted weighted average number of shares outstanding - diluted		95,633		94,775		95,001

At December 28, 2013, options to purchase 830,000 (December 29, 2012—468,000; December 31, 2011—284,000) shares of common stock at a weighted average exercise price of C$8.29 (December 29, 2012— C$7.28; December 31, 2011—C$20.47) per share were outstanding, of which 442,131 (December 29, 2012—50,000; December 31, 2011—209,000) were not included in the computation of diluted net income per share because the options’ exercise prices were 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. No shares were held in treasury at December 28, 2013. In 2012, we utilized such shares to satisfy the vesting of Time-based RSU’s granted in 2010. For the year ended December 31, 2011, we excluded 674,397 treasury shares held in various trusts from the calculation of basic and diluted earnings per share.