| EARNINGS PER SHARE (EPS) |
12. EARNINGS PER SHARE (“EPS”) | | The following table illustrates the calculation of Basic and Diluted EPS (in thousands, except per share amounts): | | | | | | Three Months Ended | | Six Months Ended | | | | | | June 29, | | July 1, | | June 29, | | July 1, | | | | | | 2012 | | 2011 | | 2012 | | 2011 | | | Numerator for basic and diluted EPS: | | | | | | | | | | | | | | | Net income | $ | 3,851 | | $ | 8,550 | | $ | 8,318 | | $ | 20,494 | | | | | | | | | | | | | | | | | | | Denominator for basic EPS: | | | | | | | | | | | | | | | Weighted average shares outstanding | | 23,611 | | | 23,227 | | | 23,515 | | | 23,214 | | | Effect of dilutive securities: | | | | | | | | | | | | | | | Stock options, restricted stock and restricted stock units | | 265 | | | 611 | | | 301 | | | 553 | | | Denominator for diluted EPS | | 23,876 | | | 23,838 | | | 23,816 | | | 23,767 | | | Basic EPS | $ | 0.16 | | $ | 0.37 | | $ | 0.35 | | $ | 0.88 | | | Diluted EPS | $ | 0.16 | | $ | 0.36 | | $ | 0.35 | | $ | 0.86 |
| | The diluted weighted average share calculations do not include the following securities, which are not dilutive to the EPS calculations or the performance criteria have not been met: | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | June 29, | | July 1, | | June 29, | | July 1, | | | | | | 2012 | | 2011 | | 2012 | | 2011 | | | Time-vested stock options, restricted stock and | | | | | | | | | | | restricted stock units | 1,418,000 | | 558,000 | | 1,280,000 | | 671,000 | | | Performance-vested stock options and restricted | | | | | | | | | | | stock units | 718,000 | | 578,000 | | 722,000 | | 596,000 |
For the 2012 and 2011 periods, no shares related to CSN were included in the diluted EPS calculations as the average share price of the Company's common stock for those periods did not exceed CSN's conversion price per share. |