Calculation of Earnings Per Share

9 Months Ended

Sep. 29, 2013

Calculation of Earnings Per Share

Calculation of Earnings Per Share

5. Calculation of Earnings Per Share

The calculations of basic earnings per common share and earnings per common share — assuming dilution are as follows (in thousands, except per-share data):

	Three Months Ended				Nine Months Ended
	Sept. 29,		Sept. 23,		Sept. 29,		Sept. 23,
	2013		2012		2013		2012
Basic earnings per common share:
Net income, net of redeemable noncontrolling interests	$	14,276	$	13,031	$	50,732	$	44,301
Weighted average shares outstanding	21,591		23,268		21,855		23,685
Basic earnings per common share	$	0.66	$	0.56	$	2.32	$	1.87
Earnings per common share - assuming dilution:
Net income, net of redeemable noncontrolling interests	$	14,276	$	13,031	$	50,732	$	44,301
Weighted average shares outstanding	21,591		23,268		21,855		23,685
Dilutive effect of outstanding equity awards	493		453		526		422
Diluted weighted average shares outstanding	22,084		23,721		22,381		24,107
Earnings per common share - assuming dilution	$	0.65	$	0.55	$	2.27	$	1.84

The Company grants time-based restricted shares, which are participating securities. The Company evaluated earnings per common share under the “two class method” and determined there were no material differences from the amounts disclosed.

Shares subject to options to purchase common stock with an exercise price greater than the average market price are not included in the computation of earnings per common share — assuming dilution because the effect would be antidilutive. The weighted average number of shares subject to antidilutive options was 24,000 and 129,000 for the three and nine months ended September 29, 2013, respectively (none for the three and nine months ended September 23, 2012).