Earnings Per Common Share

3 Months Ended

Jan. 02, 2016

Earnings Per Common Share [Abstract]

Earnings Per Common Share

NOTE 7EARINGS PER COMMON SHARE

Basic earnings per share is computed by dividing net income by the daily weighted average number of common shares outstanding during the applicable period. Using the treasury stock method, diluted earnings per share includes the potentially dilutive effect of common shares issued in connection with outstanding stock-based compensation options and grants. 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 528 and 91 weighted common shares have been excluded from the diluted weighted average common shares outstanding calculation for the three months ended January 2, 2016 and December 27, 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
		January 2,		December 27,
(in thousands, except per share data)		2016		2014
Net income	$	11,774	$	13,786
Weighted average common shares outstanding		14,861		15,108
Dilutive potential common shares		138		162
Weighted average dilutive common shares outstanding		14,999		15,270
Earnings per share
Basic	$	0.79	$	0.91
Diluted	$	0.78	$	0.90