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EARNINGS PER COMMON SHARE
 9 Months Ended
Oct. 01, 2016
EARNINGS PER COMMON SHARE  
EARNINGS PER COMMON SHARE

 

19. EARNINGS PER COMMON SHARE

 

For 3rd Quarter 2016 and the year to date period ended October 1, 2016, we computed earnings per share using the two-class method, in which there was an allocation of our earnings between holders of our common stock and holders of our participating securities. We effected this method in 3rd Quarter of 2016 since during the third quarter of 2016, holders of our restricted stock and RSUs were granted nonforfeitable rights to dividends and dividend-equivalents, respectively, and hence became participating holders of our common stock for purposes of computing basic earnings per share (see Note 16). Basic earnings per share for both the 2016 and 2015 periods were calculated based on the weighted average number of outstanding shares of common stock for the period.  Diluted earnings per share was calculated consistent with the basic earnings per share calculation plus the effect of dilutive unissued shares of common stock related to stock options, restricted stock and RSUs, as applicable, to the extent that they were considered dilutive. The table below details the computation of our basic and diluted EPS:

 

  

 

Fiscal Quarter Ended

 

Fiscal Year to Date Ended

 

 

 

October 1,

 

October 3,

 

October 1,

 

October 3,

 

 

 

2016

 

2015

 

2016

 

2015

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$
22,445

 

$
12,636

 

$
103,143

 

$
25,423

 

Less: Distributed earnings allocated to nonvested awards

 
(251

)

—

 
(251

)

—

 

Less: Undistributed earnings allocated to nonvested awards

 
(211

)

—

 
(1,704

)

—

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic and diluted earnings per share

 

$
21,983

 

$
12,636

 

$
101,188

 

$
25,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Average shares outstanding — Basic

 
74,878,851

 
65,334,001

 
68,913,664

 
65,249,404

 

Potential effect of nonvested restricted stock awards

 

—

 
1,513,944

 

—

 
1,473,407

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding — Diluted

 
74,878,851

 
66,847,945

 
68,913,664

 
66,722,811

 

 

 

 

 

 

 

 

 

 

 

Net income per common share—Basic

 

$
0.29

 

$
0.19

 

$
1.47

 

$
0.39

 

Net income per common share—Diluted

 

$
0.29

 

$
0.19

 

$
1.47

 

$
0.38

 

Dividend per share

 

$
0.14

 

$

—

 

$
0.14

 

$

—

 

Antidilutive awards excluded from the computation of diluted EPS:

 

 

 

 

 

 

 

 

 

Stock options

 
646,180

 

—

 
646,180

 

—

 

Restricted stock

 
939,627

 

—

 
957,717

 

—

 

RSUs

 
4,702

 

—

 
4,702

 

—