Net Income Per Share

6 Months Ended

Jun. 28, 2015

12. Net Income Per Share

The computation of net income per share is based on the number of weighted average shares outstanding during the period. The computation of diluted net income per share includes the dilutive effect of share equivalents consisting of incremental shares deemed outstanding from the assumed exercise of options, assumed vesting of restricted stock units (“RSUs”) and assumed vesting of performance stock awards (“PSAs”).

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


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 28, 2015		June 29, 2014		June 28, 2015		June 29, 2014
Basic net income per share:
Net income	$	31,322	$	30,151	$	68,789	$	63,884

Weighted average shares outstanding		153,393		149,681		152,814		148,720

Basic net income per share	$	0.20	$	0.20	$	0.45	$	0.43

Diluted net income per share:
Net income	$	31,322	$	30,151	$	68,789	$	63,884

Weighted average shares outstanding		153,393		149,681		152,814		148,720

Dilutive effect of equity-based awards:
Assumed exercise of options to purchase shares		2,552		4,358		2,884		4,950
Restricted stock units		4		—		30		—

Weighted average shares and equivalent shares outstanding		155,949		154,039		155,728		153,670

Diluted net income per share	$	0.20	$	0.20	$	0.44	$	0.42

For the thirteen weeks ended June 28, 2015 the computation of diluted net income per share does not include 0.8 million options as those options would have been antidilutive or were unvested performance-based options, 0.1 million RSUs as those RSUs would have been antidilutive and 0.1 million for PSAs. For the thirteen weeks ended June 29, 2014, the computation of diluted net income per share does not include 1.0 million options, as those options would have been antidilutive or were unvested performance-based options and does not include 0.1 million for RSUs as those RSUs would have been antidilutive.

For the twenty-six weeks ended June 28, 2015 the computation of diluted net income per share does not include 0.8 million options as those options would have been antidilutive or were unvested performance-based options and 0.1 million for PSAs. For the twenty-six weeks ended June 29, 2014, the computation of diluted net income per share does not include 1.0 million options, as those options would have been antidilutive or were unvested performance-based options and does not include 0.1 million for RSUs as those RSUs would have been antidilutive.