Earnings Per Share

6 Months Ended

Jun. 18, 2011

Earnings Per Share [Abstract]

Earnings Per Share

2. EARNINGS PER SHARE

The Company calculates earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and therefore need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method.

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

	12 Weeks Ended						24 Weeks Ended
	June 18,			June 19,			June 18,			June 19,
	2011			2010			2011			2010
Numerator:
Net earnings	$	23,963		$	17,222		$	59,843		$	44,681
Adjustment for earnings allocated to nonvested restricted common stock		(403	)		(273	)		(992	)		(670	)
Net earnings used in calculating basic earnings per share		23,560			16,949			58,851			44,011
Adjustment for earnings reallocated from nonvested restricted common stock		12			6			31			15
Net earnings used in calculating diluted earnings per share	$	23,572		$	16,955		$	58,882		$	44,026
Denominator:
Weighted average shares outstanding		49,439,698			49,160,001			49,366,041			49,376,607
Adjustment for nonvested restricted common stock		(1,490,880	)		(1,248,223	)		(1,435,262	)		(1,170,522	)
Shares used in calculating basic earnings per share		47,948,818			47,911,778			47,930,779			48,206,085
Effect of dilutive stock options		1,342,848			1,056,525			1,311,765			1,043,953
Shares used in calculating diluted earnings per share		49,291,666			48,968,303			49,242,544			49,250,038
Net earnings per share:
Basic	$	0.49		$	0.35		$	1.23		$	0.91
Diluted	$	0.48		$	0.35		$	1.20		$	0.89

Options to purchase 379,231 and 289,369 shares of common stock for the 12 and 24 weeks ended June 18, 2011, respectively, and 851,533 and 989,145 shares of common stock for the 12 and 24 weeks ended June 19, 2010, respectively, have not been included in the denominator for the computation of diluted earnings per share because the related exercise prices of these shares were greater than the average market price for the quarters then-ended and they were, therefore, anti-dilutive.