EARNINGS PER SHARE

9 Months Ended

Mar. 29, 2017

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the reporting periods. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted net income per share, the basic weighted average number of shares is increased by the dilutive effect of stock options and restricted share awards determined using the treasury stock method. Stock options and restricted share awards with an anti-dilutive effect are not included in the diluted net income per share calculation.

Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows (in thousands):



	Thirteen Week Periods Ended		Thirty-Nine Week Periods Ended
	March 29, 2017	March 23, 2016	March 29, 2017	March 23, 2016
Basic weighted average shares outstanding	48,954	56,673	51,211	58,699
Dilutive stock options	168	297	212	337
Dilutive restricted shares	384	437	431	469
	552	734	643	806
Diluted weighted average shares outstanding	49,506	57,407	51,854	59,505

Awards excluded due to anti-dilutive effect on diluted net income per share	993	561	970	533