EARNINGS PER SHARE

12 Months Ended

Jan. 03, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following is a reconciliation of basic common shares outstanding to diluted common and common equivalent shares outstanding:

	For the fiscal years ended
	January 3, 2015			December 28, 2013			December 29, 2012
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding	52,614,425			56,931,216			58,217,503
Dilutive effect of equity awards	479,114			590,951			851,684
Diluted number of common and common equivalent shares outstanding	53,093,539			57,522,167			59,069,187
Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	194,670		$	160,407		$	161,150
Income allocated to participating securities	(2,586		)	(2,144		)	(2,095		)
Net income available to common shareholders	$	192,084		$	158,263		$	159,055
Basic net income per common share	$	3.65		$	2.78		$	2.73
Diluted net income per common share:
Net income	$	194,670		$	160,407		$	161,150
Income allocated to participating securities	(2,568		)	(2,126		)	(2,072		)
Net income available to common shareholders	$	192,102		$	158,281		$	159,078
Diluted net income per common share	$	3.62		$	2.75		$	2.69
Anti-dilutive shares excluded from dilutive earnings per share calculations (1)	230,150			355,900			613,000

(1) The volume of antidilutive shares is, in part, due to the related unamortized compensation costs.

In connection with the 2013 ASR Agreements discussed in the common stock footnote, the Company received one million additional shares in January 2014 for a total of approximately 5.6 million shares during fiscal 2014 and 2013 under the ASR program. The shares were retired upon receipt and, accordingly, reduced the Company's weighted average shares outstanding for purposes of the calculation of earnings per share.

The Company evaluated the ASR Agreements for their potential dilution of earnings per share and determined, for all periods impacted by the ASR Agreements, that the Company would not have been required to deliver additional shares to JPMorgan based on the volume-weighted average prices calculated for all impacted periods. The Company determined that these shares would have had an anti-dilutive effect and excluded these shares from the diluted earnings per share calculation for all periods.