Basic net income per share represents net income divided by the weighted average shares of common stock outstanding during the period. Diluted net income per share represents net income divided by the weighted average shares of common stock and common stock equivalents, if applicable, outstanding during the period. Common stock equivalents arise from stock options and unvested restricted share awards, using the treasury stock method. Under the treasury stock method, the amount the Company would receive on the exercise of stock options and the vesting of the restricted stock awards, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in common stock when these awards become deductible are assumed to be used to repurchase the shares underlying these awards at the average share price for each fiscal period, and these repurchased shares are netted against the underlying stock options and unvested restricted shares. A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands):

	Quarter Ended

	March 31, 2012		April 2, 2011
Basic weighted average shares outstanding		10,316		10,613
Common stock equivalents:
Stock options and restricted shares		177		185

Diluted weighted average shares outstanding		10,493		10,798

For the first quarters of fiscal 2012 and fiscal 2011, the anti-dilutive share based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 1,237,495 and 1,025,198 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price for the respective period.

On August 30, 2011, we announced that our Board of Directors approved a share repurchase program of up to $7.5 million of our common stock. During the first quarter of fiscal 2012, we repurchased 122,800 shares under this share repurchase program at an average price per share of $24.87. On February 22, 2012, our Board of Directors authorized the repurchase of up to an additional $4.45 million of our common stock. As of March 31, 2012, $4.7 million was available for future repurchases under these share repurchase programs.

On March 5, 2012, the Company's Compensation Committee of its Board of Directors approved for issuance approximately 122,000 share-based awards that were earned (subject in some cases to further time-based vesting) upon the achievement of certain financial performance goals for fiscal 2011. Upon such approval, approximately 25% of such shares vested, with the remaining shares expected to vest equally on November 8, 2012, November 8, 2013, and November 8, 2014.