Note 9 - Earnings Per Share

9 Months Ended

Sep. 28, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

9. Earnings Per Share

The company computes earnings per share using the two-class method. The two-class method includes an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and undistributed earnings for the period. The company’s reported net earnings is reduced by the amount allocated to participating securities to arrive at the earnings allocated to common stock shareholders for purposes of calculating earnings per share.

The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock or the two-class method. The company has determined the two-class method to be the more dilutive. As such, the earnings allocated to common stock shareholders in the basic earnings per share calculation is adjusted for the reallocation of undistributed earnings to participating securities to arrive at the earnings allocated to common stock shareholders for calculating the diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method.

	For the Three Months Ended						For the Nine Months Ended
(in thousands except per share amounts)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Net income as reported	$	26,990		$	22,778		$	68,432		$	63,304
Less: Distributed earnings available to participating securities		(3	)		(9	)		(21	)		(21	)
Less: Undistributed earnings available to participating securities		—			(19	)		(17	)		(102	)
Numerator for basic earnings per share —
Undistributed and distributed earnings available to common shareholders	$	26,987		$	22,750		$	68,394		$	63,181
Add: Undistributed earnings allocated to participating securities		—			19			17			102
Less: Undistributed earnings reallocated to participating securities		—			(19	)		(17	)		(100	)
Numerator for diluted earnings per share —
Undistributed and distributed earnings available to common shareholders	$	26,987		$	22,750		$	68,394		$	63,183
Denominator for basic earnings per share —
Weighted-average shares		22,428			21,923			22,274			21,770
Effect of dilutive securities:
Common stock equivalents		197			239			223			285
Denominator for diluted earnings per share —		22,625			22,162			22,497			22,055
Adjusted for weighted-average shares & assumed conversions
Basic earnings per share	$	1.20		$	1.04		$	3.07		$	2.90
Diluted earnings per share	$	1.19		$	1.03		$	3.04		$	2.87