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Earnings Per Share
 3 Months Ended
Mar. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

(7) 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  
     March 30, 2014      March 31, 2013  
     (In thousands, except per share data)  

Net income

    $ 2,060       $ 7,514   
  

 

 

     

 

 

  

Weighted-average shares of common stock outstanding:

      

Basic

      21,980         21,453   

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

      251         369   
  

 

 

     

 

 

  

Diluted

      22,231         21,822   
  

 

 

     

 

 

  

Basic earnings per share

    $ 0.09       $ 0.35   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.09       $ 0.34   
  

 

 

     

 

 

  

The computation of diluted earnings per share for the first quarter of fiscal 2014 and 2013 does not include share option awards in the amounts of 601,308 and 813,521, 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 first quarter of fiscal 2013 does not include nonvested share awards and nonvested share unit awards in the amount of 23,938 shares 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 first quarter of fiscal 2014.