EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2017

D. EARNINGS PER SHARE

The computation of earnings per share (“EPS”) is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,		September 24,		September 30,		September 24,
	2017		2016		2017		2016
Numerator:
Net earnings attributable to controlling interest	$	33,693	$	27,819	$	88,397	$	80,429
Adjustment for earnings allocated to non-vested restricted common stock		(656)		(463)		(1,633)		(1,281)
Net earnings for calculating EPS	$	33,037	$	27,356	$	86,764	$	79,148
Denominator:
Weighted average shares outstanding		20,474		20,402		20,481		20,360
Adjustment for non-vested restricted common stock		(399)		(340)		(378)		(324)
Shares for calculating basic EPS		20,075		20,062		20,103		20,036
Effect of dilutive stock options		41		33		37		32
Shares for calculating diluted EPS		20,116		20,095		20,140		20,068
Net earnings per share:
Basic	$	1.65	$	1.36	$	4.32	$	3.95
Diluted	$	1.64	$	1.36	$	4.31	$	3.94

No options were excluded from the computation of diluted EPS for the quarters ended September 30, 2017 or September 24, 2016.

On October 17, 2017, our Board of Directors declared a three-for-one stock split effected in the form of a stock dividend. The record date of the stock split will be October 31, 2017, and the eventual stock distribution to shareholders will occur November 14, 2017. All references made to share or earnings per share amounts in the accompanying unaudited consolidated financial statements and applicable disclosures are presented on a pre-split basis. As a result of the stock split, all historical per share data and number of shares outstanding presented in future financial statements will be retroactively adjusted.

The following table provides pro forma earnings per share, giving retroactive effect to the stock split:


	Three Months Ended				Nine Months Ended
	September 30,		September 24,		September 30,		September 24,
	2017		2016		2017		2016
Shares for calculating basic EPS - Post stock split basis		60,225		60,186		60,309		60,108
Shares for calculating diluted EPS - Post stock split basis		60,348		60,285		60,420		60,204
Net earnings per share (post stock split):
Basic	$	0.55	$	0.45	$	1.44	$	1.32
Diluted	$	0.55	$	0.45	$	1.44	$	1.31