Note 17 - Earnings Per Share

12 Months Ended

Dec. 28, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

17. 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:

(In thousands, except per share amounts)	2013			2012			2011
Net income as reported	$	88,784		$	75,332		$	87,024
Less: Distributed earnings available to participating securities		(35	)		(30	)		(16	)
Less: Undistributed earnings available to participating securities		(16	)		(98	)		(288	)
Numerator for basic earnings per share —
Undistributed and distributed earnings available to common shareholders	$	88,733		$	75,204		$	86,720
Add: Undistributed earnings allocated to participating securities		16			98			288
Less: Undistributed earnings reallocated to participating securities		(16	)		(97	)		(283	)
Numerator for diluted earnings per share —
Undistributed and distributed earnings available to common shareholders	$	88,733		$	75,205		$	86,725
Denominator for basic earnings per share —
Weighted-average shares		22,315			21,822			21,901
Effect of dilutive securities:
Common stock equivalents		222			276			354
Denominator for diluted earnings per share —
Adjusted for weighted-average shares & assumed conversions		22,537			22,098			22,255
Basic earnings per share	$	3.98		$	3.45		$	3.96
Diluted earnings per share	$	3.94		$	3.40		$	3.90

The following potential shares of common stock attributable to stock options were excluded from the earnings per share calculation because their effect would be anti-dilutive: 96,401 in 2013; 159,983 in 2012; and 85,563 in 2011.