Earnings Per Share

3 Months Ended

Mar. 31, 2012

5.	Earnings Per Share

Basic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding nonvested restricted stock which is considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are computed based on the number of outstanding stock options and unvested restricted stock as calculated using the treasury stock method. However, in periods when the exercise price of our stock options, by grant, is greater than our average stock price during the period, those common share equivalents are considered anti-dilutive and are excluded from the calculation of diluted earnings per share. Options to purchase 25,000 and 15,000 shares were outstanding at March 31, 2012 and March 26, 2011, respectively, but were excluded from the calculation of dilutive earnings per share as their effect would have been anti-dilutive.

The following table sets forth the computation of basic earnings per share and diluted earnings per share:


	Thirteen Weeks Ended
(in thousands, except per share data)	March 31, 2012		March 26, 2011
Numerator:
Net income	$	15,578	$	12,386
Denominator:
Weighted average shares outstanding used in basic earnings per share calculation		17,978		17,891
Effect of dilutive stock options and nonvested stock		272		336

Adjusted weighted average shares outstanding used in diluted earnings per share calculation		18,250		18,227

Basic earnings per share	$	0.87	$	0.69

Diluted earnings per share	$	0.85	$	0.68

- Definition

The entire disclosure for earnings per share.

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