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EARNINGS PER SHARE
 12 Months Ended
Sep. 27, 2014
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. In addition, net income applicable to participating securities and the related participating securities are excluded from the computation of basic income per share.
Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period and, if there is net income during the period, the dilutive impact of common stock equivalents outstanding during the period. In computing diluted income per share, if convertible debt is assumed to be converted to common shares, the after-tax amount of interest expense recognized in the period associated with the convertible debt is added back to net income.
The Company previously held 0.875% Convertible Subordinated Notes (the "Notes") which matured on June 1, 2012. The Company repaid the entire principal balance of the Notes of $110.0 million plus interest of $0.5 million in cash in fiscal 2012. As the conversion option of the Notes was not "in the money," no common shares were issued in connection with repayment of the Notes. Accordingly, diluted EPS excludes the effect of the conversion of the Notes.
The following tables reflect a reconciliation of the shares used in the basic and diluted net income per share computation for fiscal 2014, 2013, and 2012: 
 
 
Fiscal
(in thousands, except per share)
 
2014
 
2013
 
2012
 
 
Basic
 
Diluted
 
Basic
 
Diluted
 
Basic
 
Diluted
NUMERATOR:
 
 

 
 

 
 

 
 

 
 
 
 
Net income
 
$
62,988

 
$
62,988

 
$
59,358

 
$
59,358

 
$
160,580

 
$
160,580

Less: income applicable to participating securities
 
—

 
—

 
—

 
—

 
(5
)
 
(5
)
Net income applicable to common shareholders
 
$
62,988

 
$
62,988

 
$
59,358

 
$
59,358

 
$
160,575

 
$
160,575

DENOMINATOR:
 
 
 
 

 
 
 
 

 
 
 
 
Weighted average shares outstanding - Basic
 
76,396

 
76,396

 
75,132

 
75,132

 
73,887

 
73,887

Stock options
 
 
 
117

 
 
 
110

 
 
 
660

Time-based restricted stock
 
 
 
398

 
 
 
512

 
 
 
813

Market-based restricted stock
 
 
 
381

 
 
 
436

 
 
 
142

Weighted average shares outstanding - Diluted (1)
 
 
 
77,292

 
 
 
76,190

 
 
 
75,502

EPS:
 
 
 
 

 
 
 
 

 
 
 
 
Net income per share - Basic
 
$
0.82

 
$
0.82

 
$
0.79

 
$
0.79

 
$
2.17

 
$
2.17

Effect of dilutive shares
 
 
 
(0.01
)
 
 
 
$
(0.01
)
 
 
 
$
(0.04
)
Net income per share - Diluted
 
 
 
$
0.81

 
 
 
$
0.78

 
 
 
$
2.13

 
(1)
There were no potentially dilutive shares excluded for fiscal 2014 and 2013. Fiscal 2012 excluded 0.1 million dilutive participating securities, as the income attributable to these shares was not included in EPS.