12. Earnings Per Share

Basic earnings per share represents net income for the period shares of Common Stock were outstanding, divided by the weighted average number of shares of Common Stock outstanding for the applicable period. Diluted earnings per share represents net income divided by the weighted average number of shares of Common Stock outstanding for the applicable period, inclusive of the effect of dilutive securities such as outstanding stock options and unvested restricted stock.

A reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations is as follows (in thousands, except per share amounts):


	Sixteen Weeks Ended				Forty Weeks Ended
	October 7,		October 8,		October 7,		October 8,
	2018		2017		2018		2017
Net income	$	10,160	$	5,106	$	9,667	$	7,642

Weighted average shares outstanding for basic EPS		73,117,389		72,446,404		72,713,906		72,437,033
Effect of dilutive securities:
Assumed exercise of time-based stock options and vesting of restricted stock		1,329,271		1,806,970		1,357,798		3,151,149
Weighted average shares and share equivalents outstanding for diluted EPS		74,446,660		74,253,374		74,071,704		75,588,182

Basic earnings per share	$	0.14	$	0.07	$	0.13	$	0.11
Diluted earnings per share	$	0.14	$	0.07	$	0.13	$	0.10

Potentially dilutive securities representing 6,301,675 shares of Common Stock for the sixteen weeks ended October 7, 2018 and 6,441,045 shares of Common Stock for the sixteen weeks ended October 8, 2017 were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. Potentially dilutive securities representing 6,501,271 shares of Common Stock for the forty weeks ended October 7, 2018 and 3,623,034 shares of Common Stock for the forty weeks ended October 8, 2017 were excluded from the computation of diluted earnings per share because their effect would have been antidilutive.