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Calculation of Earnings per Share | 6 Months Ended
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Jun. 25, 2017
Calculation of Earnings per Share |
Calculation of Earnings per Share | 3.Calculation of Earnings Per Share We compute earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings per share for common shareholders and participating security holders according to dividends declared and participating rights in undistributed earnings. We consider time-based restricted stock awards to be participating securities because holders of such shares have non-forfeitable dividend rights. Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to the Company in determining net income attributable to common shareholders. Additionally, the change in the redemption value for the noncontrolling interest of one of our joint ventures increases or decreases income attributable to common shareholders. The calculations of basic and diluted earnings per common share are as follows (in thousands, except per-share data):
|  | Three Months Ended |  | Six Months Ended
|  | June 25, |  | June 26, |  | June 25, |  | June 26,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Basic earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to the Company |  | $ | 23,538 |  | $ | 22,541 |  | $ | 51,966 |  | $ | 48,723
Change in noncontrolling interest redemption value |  |  | 662 |  |  | 279 |  |  | 1,182 |  |  | 499
Net income attributable to participating securities |  |  | (99) |  |  | (91) |  |  | (216) |  |  | (201)
Net income attributable to common shareholders |  | $ | 24,101 |  | $ | 22,729 |  | $ | 52,932 |  | $ | 49,021
Weighted average common shares outstanding |  |  | 36,732 |  |  | 37,203 |  |  | 36,771 |  |  | 37,567
Basic earnings per common share |  | $ | 0.66 |  | $ | 0.61 |  | $ | 1.44 |  | $ | 1.30
Diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 24,101 |  | $ | 22,729 |  | $ | 52,932 |  | $ | 49,021
Weighted average common shares outstanding |  |  | 36,732 |  |  | 37,203 |  |  | 36,771 |  |  | 37,567
Dilutive effect of outstanding equity awards (a) |  |  | 485 |  |  | 304 |  |  | 512 |  |  | 337
Diluted weighted average common shares outstanding |  |  | 37,217 |  |  | 37,507 |  |  | 37,283 |  |  | 37,904
Diluted earnings per common share |  | $ | 0.65 |  | $ | 0.61 |  | $ | 1.42 |  | $ | 1.29
(a) Excludes 325 and 215 awards for the three and six months ended June 25, 2017, respectively, and 689 and 566 awards for the three and six months ended June 26, 2016, respectively, as the effect of including such awards would have been antidilutive.

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