Income Per Share

3 Months Ended

Mar. 27, 2016

Earnings Per Share

In accordance with U.S. GAAP, basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period. For the purposes of calculating diluted earnings per share, net income is divided by the total of the weighted average shares outstanding plus the dilutive effect of our outstanding stock options under the treasury stock method, which includes consideration of stock-based compensation required by U.S. GAAP.



(In thousands, except per share amounts)	Thirteen Weeks Ended
	March 27, 2016		March 29, 2015
Basic Income Per Share:
Reported net income	$	14,464	$	4,334
Basic income per share	$	0.56	$	0.16
Weighted average shares outstanding - Basic	25,603		26,860

Diluted Income Per Share:
Reported net income	$	14,464	$	4,334
Diluted income per share	$	0.56	$	0.16
Weighted average shares outstanding	25,603		26,860
Weighted average dilutive stock options and restricted stock units	41		91
Weighted average shares outstanding - Diluted	25,644		26,951

The following potential shares of common stock were excluded from the diluted earnings per share calculations because they would have been anti-dilutive, as their exercise prices exceed the average market prices for the respective periods: for the thirteen weeks ended March 27, 2016, no options were excluded from the diluted earnings per share calculation and for the thirteen weeks ended March 29, 2015, options to purchase 8,788 shares at prices ranging from $18.37 to $19.19 were excluded from the diluted earnings per share because they would have been anti-dilutive. In addition, the performance shares discussed in Note 18 - Stock-Based Compensation are not included in the diluted income per share because the performance metrics had not been met as of the period ended March 27, 2016.