v2.4.0.6
EARNINGS PER SHARE
3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
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 awards, 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
 
March 31,
2012
 
April 2,
2011
 
 
 
 
Weighted-average number of common and common equivalent shares outstanding:
 
 
 
Basic number of common shares outstanding
58,057,275

 
57,049,228

Dilutive effect of unvested restricted stock
178,708

 
141,851

Dilutive effect of stock options
604,735

 
694,932

Diluted number of common and common equivalent shares outstanding
58,840,718

 
57,886,011

 
 
 
 
Basic net income per common share:
 
 
 
Net income
$
32,275,000

 
$
32,123,000

Income allocated to participating securities
(442,525
)
 
(364,477
)
Net income available to common shareholders
$
31,832,475

 
$
31,758,523

 
 
 
 
Basic net income per common share
$
0.55

 
$
0.56

 
 
 
 
Diluted net income per common share:
 
 
 
Net income
$
32,275,000

 
$
32,123,000

Income allocated to participating securities
(438,025
)
 
(360,140
)
Net income available to common shareholders
$
31,836,975

 
$
31,762,860

 
 
 
 
Diluted net income per common share
$
0.54

 
$
0.55



For the three-month periods ended March 31, 2012 and April 2, 2011, anti-dilutive and performance-based restricted shares of 610,950 and 945,050, respectively, were excluded from the computations of diluted earnings per share.