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, the change in the redemption value for the noncontrolling interest of one of our joint ventures 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				Nine Months Ended
	September 24,		September 25,		September 24,		September 25,
	2017		2016		2017		2016

Basic earnings per common share:
Net income attributable to the Company	$	21,817	$	21,467	$	73,783	$	70,190
Change in noncontrolling interest redemption value		237		(157)		1,419		342
Net income attributable to participating securities		(89)		(87)		(305)		(288)
Net income attributable to common shareholders	$	21,965	$	21,223	$	74,897	$	70,244

Weighted average common shares outstanding		36,146		36,989		36,563		37,374
Basic earnings per common share	$	0.61	$	0.57	$	2.05	$	1.88

Diluted earnings per common share:
Net income attributable to common shareholders	$	21,965	$	21,223	$	74,897	$	70,244

Weighted average common shares outstanding		36,146		36,989		36,563		37,374
Dilutive effect of outstanding equity awards (a)		435		370		484		338
Diluted weighted average common shares outstanding		36,581		37,359		37,047		37,712
Diluted earnings per common share	$	0.60	$	0.57	$	2.02	$	1.86

(a) Excludes 328 and 261 awards for the three and nine months ended September 24, 2017, respectively, and 22 and 598 awards for the three and nine months ended September 25, 2016, respectively, as the effect of including such awards would have been antidilutive.