Income Per Common Share

9 Months Ended

Oct. 01, 2011

Income Per Common Share

Income Per Common Share

7. Income Per Common Share

Basic income per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period.  Diluted income per common share includes the determinants of basic income per common share plus the additional dilution for all potentially dilutive stock-based compensation awards and convertible preferred stock utilizing the treasury stock method and if-converted method, respectively.

The following table shows the amounts used in computing income per common share and the effect on net income and the weighted average number of shares potentially dilutive to common stock:

	Thirteen Weeks Ended					Thirty-Nine Weeks Ended
	October 1,		October 2,			October 1,		October 2,
	2011		2010			2011		2010
	(in thousands, except share and per share data)
Net income as reported	$	2,848	$	1,343		$	13,581	$	7,063
Less: Preferred stock dividends declared	—		(37		)	—		(113		)
Net income attributable to common shareholders	$	2,848	$	1,306		$	13,581	$	6,950
Weighted average basic common shares	15,864,008		203,235			15,703,053		203,235
Impact of dilutive securities:
Stock options	302,277		695,759			304,961		525,115
Restricted stock	—		—					—
Convertible securities	—		11,869,109			—		11,869,109
Weighted average dilutive common shares	16,166,285		12,768,103			16,008,014		12,597,459
Per common share:
Basic income per common share	$	0.18	$	6.43		$	0.86	$	34.20
Diluted income per common share	$	0.18	$	0.11		$	0.85	$	0.56

As part of the Company’s initial public offering on October 14, 2010, the Company’s convertible Series A and Series B preferred stock were converted to 11,869,109 shares of the Company’s common stock.  Equity awards to purchase 15,000 shares of common stock for the thirteen weeks and thirty-nine weeks ended October 1, 2011, were outstanding, but were not included in the computation of weighted average diluted common share amounts as the effect of doing so would have been anti-dilutive.  All outstanding equity awards to purchase common stock were included in the computation of weighted average diluted common shares amounts for the thirteen and thirty-nine week periods ended October 2, 2010.