Quarterly report pursuant to Section 13 or 15(d)

Summary Of Significant Accounting Policies

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Summary Of Significant Accounting Policies
 9 Months Ended
Oct. 01, 2011
Summary Of Significant Accounting Policies [Abstract]  
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      Nine Months Ended  
     October 1, 2011      October 2, 2010      October 1, 2011      October 2, 2010  

Net income

    $ 11,394       $ 5,709       $ 31,604       $ 15,133   

Weighted average basic shares outstanding

      25,652         25,441         25,613         25,428   

Basic net income per common share

    $ 0.44       $ 0.22       $ 1.23       $ 0.60   

Effect of dilutive stock options

      49         49         40         50   

Weighted average diluted shares outstanding

      25,701         25,490         25,653         25,478   

Diluted net income per common share

    $ 0.44       $ 0.22       $ 1.23       $ 0.59   

 

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.