Earnings Per Share

12 Months Ended

Dec. 25, 2011

Earnings Per Share [Abstract]

Earnings Per Share

(10) Earnings Per Share

For fiscal years 2010 and 2011, basic earnings per common share is computed under the two-class method in accordance with Topic 260. Under the two-class method, a portion of net income is allocated to participating securities, such as the Company's Preferred Stock, and therefore is excluded from the calculation of basic earnings per share allocated to common shares. Diluted earnings per common share for fiscal years 2010 and 2011 is computed by dividing the net income available to preferred and common shareholders for the period by the weighted average number of common and potential common shares outstanding during the period. Net income, in both the basic and diluted earnings per common share calculations, is reduced by the Company's Preferred Stock dividends and accretion of the Company's Preferred Stock to its redemption value.

There were no participating securities for the fiscal year 2009 because the Company's Preferred Stock was not issued until 2010. Basic earnings per share was calculated by dividing net income by the weighted average number of common shares outstanding during the period, while diluted earnings per share was computed by dividing the net income for the period by the weighted average number of common and potential shares outstanding during the period.

The following table sets forth the computation of basic earnings per common share (dollar amounts in thousands, except share and per share data):

	2009			2010			2011
Income from continuing operations	$	3,551		$	16,810		$	19,091
Loss (income) on discontinued operations, net of income tax benefit (expense)		1,132			853			(458	)
Net income		2,419			15,957			19,549
Preferred stock dividends		—			2,178			2,493
Accretion of preferred stock redemption value		—			309			353
Undistributed net income		2,419			13,470			16,703
Undistributed net income allocated to preferred shareholders		—			2,527			3,371
Net income available to common shareholders	$	2,419		$	10,943		$	13,332
Shares:
Weighted average number of common shares outstanding—basic		23,566,358			32,513,867			34,093,104
Basic earnings per common share:
Continuing operations	$	0.15		$	0.36		$	0.38
Discontinued operations		(0.05	)		(0.02	)		0.01
Basic earnings per common share	$	0.10		$	0.34		$	0.39

Diluted earnings (loss) per share for fiscal years 2009, 2010, and 2011 excludes 2,214,451 stock options at a weighted-average price of $7.62, 2,252,292 stock options and restricted shares at a weighted-average price of $6.11, and 1,024,829 stock options and restricted shares at a weighted-average price of $9.56, respectively, which were outstanding during the period but were anti-dilutive.

The following table sets forth the computation of diluted earnings per share (dollar amounts in thousands, except share and per share data):

	2009			2010			2011
Income from continuing operations	$	3,551		$	16,810		$	19,091
Loss (income) on discontinued operations, net of income tax benefit (expense)		1,132			853			(458	)
Net income		2,419			15,957			19,549
Preferred stock dividends		—			2,178			2,493
Accretion of preferred stock redemption value		—			309			353
Net income available to preferred and common shareholders	$	2,419		$	13,470		$	16,703
Shares:
Weighted average number of common shares outstanding—basic		23,566,358			32,513,867			34,093,104
Dilutive shares		166,902			218,408			538,307
Dilutive convertible preferred stock		—			7,507,579			8,620,690
Weighted-average number of common shares outstanding—diluted		23,733,260			40,239,854			43,252,101
Diluted earnings per common share:
Continuing operations	$	0.15		$	0.36		$	0.38
Discontinued operations		(0.05	)		(0.02	)		0.01
Diluted earnings per common share	$	0.10		$	0.34		$	0.39