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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

(10) Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards.

The following table sets forth the computation of basic and diluted earnings per common share:

 

                                 
    13 Weeks Ended     39 Weeks Ended  
  September 30,
2012		     October 2,
2011		     September 30,
2012		     October 2,
2011		  
    (In thousands, except per share amounts)  

Net income

   $ 8,169     $ 5,817     $ 10,883     $ 11,682  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average shares of common stock outstanding:

                                

Basic

     21,325       21,689       21,413       21,660  

Dilutive effect of common stock equivalents arising from share option, nonvested share and nonvested share unit awards

     155       102       175       214  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

     21,480       21,791       21,588       21,874  
   

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per share

   $ 0.38     $ 0.27     $ 0.51     $ 0.54  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per share

   $ 0.38     $ 0.27     $ 0.50     $ 0.53  
   

 

 

    

 

 

    

 

 

    

 

 

  

The computation of diluted earnings per share for the 13 weeks ended September 30, 2012, the 39 weeks ended September 30, 2012, the 13 weeks ended October 2, 2011 and the 39 weeks ended October 2, 2011 does not include share option awards in the amounts of 1,250,618, 1,281,455, 1,293,645 and 1,041,008 shares, respectively, that were outstanding and antidilutive (i.e., including such share option awards would result in higher earnings per share), since the exercise prices of these share option awards exceeded the average market price of the Company’s common shares. Additionally, the computation of diluted earnings per share for the 13 weeks ended September 30, 2012, the 13 weeks ended October 2, 2011 and the 39 weeks ended October 2, 2011 does not include nonvested share awards and nonvested share unit awards in the amounts of 189,186, 289,621 and 109,471 shares, respectively, that were outstanding and antidilutive, since the grant date fair values of these nonvested share awards exceeded the average market price of the Company’s common shares. No nonvested share awards and nonvested share unit awards were antidilutive for the 39 weeks ended September 30, 2012.