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Net Income per Share
 3 Months Ended
Mar. 30, 2013
Net Income per Share  
Net Income per Share

12. Net Income per Share

        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 shares of restricted stock, 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 shares of restricted stock, 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 stock options and shares of restricted stock become deductible, are assumed to be used to repurchase shares at the average share price over the applicable fiscal period, and these repurchased shares are netted against the shares underlying these stock options and these unvested shares of restricted stock. A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands):

 
   Quarter Ended  
 
   March 30,
2013		   March 31,
2012		  

Basic weighted average shares outstanding

     9,994     10,316  

Common stock equivalents:

              

Stock options and restricted stock

     90     177  
           

Diluted weighted average shares outstanding

     10,084     10,493  
           

        For the first quarters of fiscal 2013 and fiscal 2012, 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 1,142,624 and 1,237,495 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period.

        On July 6, 2010, the Company announced that its Board of Directors approved a share repurchase program of up to $5.0 million of the Company's common stock. On August 30, 2011, February 22, 2012 and August 10, 2012, the Board of Directors authorized the repurchase of up to an additional $7.5 million, $4.45 million, and $5.0 million, respectively, of the Company's common stock under this program. During the first quarter of fiscal 2012, the Company repurchased 122,800 shares under this share repurchase program at an average price per share of $24.87. During the first quarter of fiscal 2013, the Company did not repurchase any shares of its common stock under this program. There is approximately $3.6 million available for future repurchases under this program as of March 30, 2013.