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Calculation of Earnings Per Share
 3 Months Ended
Mar. 29, 2015
Calculation of Earnings Per Share  
Calculation of Earnings Per Share

 

3.   Calculation of Earnings Per Share

 

We compute earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings per share for common shareholders and participating security holders according to dividends declared and participating rights in undistributed earnings. We consider time-based restricted stock awards to be participating securities because holders of such shares have non-forfeitable dividend rights. Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to the Company in determining net income attributable to common shareholders.

 

Additionally, in accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity, the change in the redemption value for the noncontrolling interest of PJ Denver, LLC increases or decreases income attributable to common shareholders.

 

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

                                                                                                                                                                                                                

 

 

Three Months Ended

 

 

 

March 29,

 

March 30,

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

Net income attributable to the Company

 

$
22,236

 

$
19,311

 

Decrease (increase) in noncontrolling interest redemption value

 
70

 
(8

)

Net income attributable to participating securities

 
(100

)
(137

)

Net income attributable to common shareholders

 

$
22,206

 

$
19,166

 

 

 

 

 

 

 

Weighted average common shares outstanding

 
39,827

 
41,778

 

Basic earnings per common share

 

$
0.56

 

$
0.46

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

Net income attributable to common shareholders

 

$
22,206

 

$
19,166

 

 

 

 

 

 

 

Weighted average common shares outstanding

 
39,827

 
41,778

 

Dilutive effect of outstanding equity awards (a)

 
683

 
918

 

Diluted weighted average common shares outstanding

 
40,510

 
42,696

 

Diluted earnings per common share

 

$
0.55

 

$
0.45

 

 

 

(a)

Excludes 112 awards at March 29, 2015 and 102 awards at March 30, 2014, as the effect of including such awards would have been antidilutive.