v2.3.0.11
EARNINGS PER SHARE
6 Months Ended
Jul. 02, 2011
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE 13 – EARNINGS PER SHARE:

The Company calculates basic and diluted net income per common share in accordance with accounting guidance which requires earnings per share to be calculated pursuant to the two-class method for unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

Basic net income per share is calculated by dividing net income for the period by the weighted-average common shares outstanding for the period.  Diluted net income per share includes the effect of dilutive instruments, such as stock options and restricted stock, and uses the average share price for the period in determining the number of shares that are to be added to the weighted-average number of shares outstanding.

The following is a reconciliation of basic common shares outstanding to diluted common and common equivalent shares outstanding:

   
For the
three-month periods ended
  
For the
six-month periods ended
 
   
July 2,
2011
  
July 3,
2010
  
July 2,
2011
  
July 3,
2010
 
              
Weighted-average number of common and common equivalent shares outstanding:
            
Basic number of common shares outstanding
  57,320,717   58,907,191   57,185,008   58,607,261 
Dilutive effect of unvested restricted stock
  96,845   118,416   101,921   119,227 
Dilutive effect of stock options
  635,425   760,254   665,797   864,836 
Diluted number of common and common equivalent shares outstanding
  58,052,987   59,785,861   57,952,726   59,591,324 
                  
Basic net income per common share:
                
Net income
 $12,659,000  $19,096,000  $44,782,000  $61,921,000 
Income allocated to participating securities
  (140,083)  (161,587)  (496,715)  (526,624)
Net income available to common shareholders
 $12,518,917  $18,934,413  $44,285,285  $61,394,376 
                  
Basic net income per common share
 $0.22  $0.32  $0.77  $1.05 
                  
Diluted net income per common share:
                
Net income
 $12,659,000  $19,096,000  $44,782,000  $61,921,000 
Income allocated to participating securities
  (138,564)  (159,546)  (491,061)  (519,030)
Net income available to common shareholders
 $12,520,436  $18,936,454  $44,290,939  $61,401,970 
                  
Diluted net income per common share
 $0.22  $0.32  $0.76  $1.03 

For the three and six-month periods ended July 2, 2011, anti-dilutive shares of 953,950 and 1,012,050, respectively, were excluded from the computations of diluted earnings per share.  For the three and six-month periods ended July 3, 2010, anti-dilutive shares of 585,400 and 588,404, respectively, were excluded from the computations of diluted earnings per share.