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Summary of Significant Accounting Policies (Policies)
3 Months Ended
Apr. 01, 2017
Accounting Policies [Abstract]  
New Accounting Standards
New Accounting Standards
Compensation - Retirement Benefits. In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-07, “Compensation - Retirement Benefits (Topic 715).” This standard will require that an employer report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, while the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. That is, early adoption should be within the first interim period of fiscal 2017, or adoption would occur at the required implementation date. Retrospective application is required. We have determined that the impact of the reclassification required by this ASU is immaterial to our financial statements, and we will adopt this ASU at the required implementation date.
Earnings per Share
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding unvested restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including restricted stock awards, restricted stock units, performance shares, performance units, and stock options. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation include all outstanding options and performance shares, and 50,000 total unvested restricted stock awards and restricted stock units.