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Calculation of Earnings Per Share
 6 Months Ended
Jun. 28, 2015
Calculation of Earnings Per Share  
Calculation of Earnings Per Share

 

3.Calculation of Earnings Per Share

 

We compute earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings per share for common shareholders and participating security holders according to dividends declared and participating rights in undistributed earnings. We consider time-based restricted stock awards to be participating securities because holders of such shares have non-forfeitable dividend rights. Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to the Company in determining net income attributable to common shareholders.

 

Additionally, in accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity, the change in the redemption value for the noncontrolling interest of PJ Denver, LLC increases or decreases income attributable to common shareholders.

 

The calculations of basic and diluted earnings per common share are as follows (in thousands, except per-share data):

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 28,

 

June 29,

 

June 28,

 

June 29,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

Net income attributable to the Company

 

$
10,780

 

$
16,748

 

$
33,016

 

$
36,059

 

Decrease (increase) in noncontrolling interest redemption value

 
73

 
(31

)
143

 
(39

)

Net income attributable to participating securities

 
(50

)
(81

)
(150

)
(218

)

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$
10,803

 

$
16,636

 

$
33,009

 

$
35,802

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 
39,692

 
41,225

 
39,764

 
41,501

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$
0.27

 

$
0.40

 

$
0.83

 

$
0.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$
10,803

 

$
16,636

 

$
33,009

 

$
35,802

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 
39,692

 
41,225

 
39,764

 
41,501

 

Dilutive effect of outstanding equity awards (a)

 
525

 
745

 
604

 
831

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 
40,217

 
41,970

 
40,368

 
42,332

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$
0.27

 

$
0.40

 

$
0.82

 

$
0.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)   Excludes 292 and 198 awards for the three and six months ended June 28, 2015 and 284 and 176 awards for the three and six months ended June 29, 2014, as the effect of including such awards would have been antidilutive.