Net Income Per Share

9 Months Ended

Sep. 27, 2016

Net Income Per Share

Net Income Per Share

7.  Net Income Per Share

At both September 27, 2016 and September 29, 2015, 1.9 million shares of restricted stock issued to employees were unvested and, therefore, excluded from the calculation of basic earnings per share for the fiscal quarters ended on those dates.  Diluted net income per share includes the dilutive effect of outstanding equity awards, calculated using the treasury stock method.  Assumed proceeds from the in-the-money options include the windfall tax benefits, net of shortfalls, calculated under the “as-if” method as prescribed by FASB Accounting Standards Codification (“ASC”) 718, “Compensation — Stock Option Compensation.”

	Thirteen		Thirteen		Thirty-Nine		Thirty-Nine
	Weeks Ended		Weeks Ended		Weeks Ended		Weeks Ended
	September 27, 2016		September 29, 2015		September 27, 2016		September 29, 2015
	(In thousands, except per share data)
Net income	$	34,574	$	26,176	$	107,113	$	89,323
Basic weighted average shares outstanding	47,815		48,848		48,188		48,841
Dilutive effect of equity awards	1,397		1,789		1,416		1,819
Diluted weighted average shares outstanding	49,212		50,637		49,604		50,660
Basic net income per share	$	0.72	$	0.54	$	2.22	$	1.83
Diluted net income per share	$	0.70	$	0.52	$	2.16	$	1.76

Shares of common stock equivalents of 0.9 million and 1.4 million for the thirteen and thirty-nine weeks ended September 27, 2016, respectively, and 0.7 million and 1.3 million for the thirteen and thirty-nine weeks ended September 29, 2015, respectively, were excluded from the diluted calculation due to their anti-dilutive effect.