Net Income Per Share

6 Months Ended

Jun. 28, 2016

7. Net Income Per Share

At both June 28, 2016 and June 30, 2015, 1.8 million shares 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 outstanding equity awards, calculated using the treasury stock method. Assumed proceeds from the in-the-money options include the windfall tax benefits, net of shortfalls, calculated under the “as-if” method as prescribed by FASB Accounting Standards Codification (“ASC”) 718, “Compensation — Stock Option Compensation.”

	Thirteen Weeks Ended June 28, 2016		Thirteen Weeks Ended June 30, 2015		Twenty-Six Weeks Ended June 28, 2016		Twenty-Six Weeks Ended June 30, 2015
	(In thousands, except per share data)
Net income	$	38,585	$	34,724	$	72,539	$	63,147


Basic weighted average shares outstanding	48,232		48,451		48,375		48,838
Dilutive effect of equity awards	1,366		1,811		1,439		1,843


Diluted weighted average shares outstanding	49,598		50,262		49,814		50,681


Basic net income per share	$	0.80	$	0.72	$	1.50	$	1.29


Diluted net income per share	$	0.78	$	0.69	$	1.46	$	1.25

Shares of common stock equivalents of 0.9 million and 1.3 million for the thirteen and twenty-six weeks ended June 28, 2016, respectively, and 0.6 million and 1.1 million for the thirteen and twenty-six weeks ended June 30, 2015, respectively, were excluded from the diluted calculation due to their anti-dilutive effect.