Earnings Per Common Share

9 Months Ended

Jun. 27, 2015

Earnings Per Common Share [Abstract]

Earnings Per Common Share

7. Earnings Per Common Share

Basic earnings per share are computed by dividing net earnings by the daily weighted average number of common shares outstanding during the applicable periods. Diluted earnings per share include the potentially dilutive effect of common shares issued in connection with outstanding stock-based compensation awards using the treasury stock method. Under the treasury stock method, shares associated with certain stock options have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding. As a result, stock options to acquire 0.2 million and 0.3 million weighted common shares have been excluded from diluted weighted shares outstanding for each of the three months ended June27, 2015 and June  28, 2014, respectively. Stock options to acquire 0.1 million and 0.3 million weighted common shares have been excluded from diluted weighted shares outstanding for each of the nine months ended June27, 2015 and June  28, 2014, respectively. The potentially dilutive effect of common shares issued in connection with outstanding stock options is determined based on net income. A reconciliation of these amounts is as follows:

	Three Months Ended				Nine Months Ended
		June 27,		June 28,		June 27,		June 28,
		2015		2014		2015		2014
	(in thousands, except per share data)
Net income	$	10,783	$	14,144	$	36,275	$	31,068
Weighted average common shares outstanding		14,905		15,117		15,000		15,238
Dilutive potential common shares		165		177		165		184
Total diluted weighted average shares outstanding		15,070		15,294		15,165		15,422
Earnings per share:
Basic	$	0.72	$	0.94	$	2.42	$	2.04
Diluted	$	0.72	$	0.92	$	2.39	$	2.01