Quarterly report pursuant to Section 13 or 15(d)

Summary Of Significant Accounting Policies

 v2.3.0.11
Summary Of Significant Accounting Policies
 6 Months Ended
Jul. 02, 2011
Summary Of Significant Accounting Policies  
Summary Of Significant Accounting Policies
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Earnings per share

The following table represents the computation of basic and diluted earnings per common share (in thousands, except per share data):

 

     Three Months Ended      Six Months Ended  
     July 2, 2011      July 3, 2010      July 2, 2011      July 3, 2010  

Net income

    $ 10,437       $ 6,113       $ 20,207       $ 9,423   

Weighted average basic shares outstanding

      25,638         25,429         25,593         25,421   

Basic net income per common share

    $ 0.41       $ 0.24       $ 0.79       $ 0.37   

Effect of dilutive stock options

      36         48         36         50   

Weighted average diluted shares outstanding

      25,674         25,477         25,629         25,471   

Diluted net income per common share

    $ 0.41       $ 0.24       $ 0.79       $ 0.37   

 

Stock Split

On June 9, 2011, the Company declared a three-for-two stock split, effected in the form of a 50% stock dividend, to shareholders of record on June 30, 2011, payable on July 15, 2011. The Company issued approximately 8,500,000 shares of common stock as a result of the stock split. The effect of the stock split on outstanding shares and earnings per share was retroactively applied to all periods presented.