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Net Income Per Share
9 Months Ended
Sep. 27, 2011
Net Income Per Share 
Net Income Per Share

6.  Net Income Per Share

 

At September 27, 2011 and September 28, 2010, 0.7 million and 0.5 million shares, respectively, of restricted stock issued to employees were unvested, and therefore excluded from the calculation of basic earnings per share for the fiscal quarters ended on those dates. Diluted net income per share includes the dilutive effect of both outstanding stock options and restricted shares, calculated using the treasury stock method.  Assumed proceeds from in-the-money options include windfall tax benefits, net of shortfalls, calculated under the “as-if” method as prescribed by Financial Accounting Standards Codification 718, “Compensation — Stock Option Compensation.”

 

 

 

Thirteen
Weeks Ended
September 27, 2011

 

Thirteen
Weeks Ended
September 28, 2010

 

Thirty-Nine
Weeks Ended
September 27, 2011

 

Thirty-Nine
Weeks Ended
September 28, 2010

 

 

 

(In thousands, except per share data)

 

Net income

 

$

20,574

 

$

21,953

 

$

65,778

 

$

59,848

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

55,661

 

58,427

 

57,136

 

59,057

 

Dilutive effect of stock options and restricted shares

 

1,778

 

1,316

 

1,972

 

1,396

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

57,439

 

59,743

 

59,108

 

60,453

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.37

 

$

0.38

 

$

1.15

 

$

1.01

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per share

 

$

0.36

 

$

0.37

 

$

1.11

 

$

0.99

 

 

Shares of common stock equivalents of 3.3 million and 2.7 million for the thirteen and thirty-nine weeks ended September 27, 2011 and 5.4 million and 5.8 million for the thirteen and thirty-nine weeks ended September 28, 2010, respectively, were not included in the diluted calculation due to their anti-dilutive effect.