Quarterly report pursuant to Section 13 or 15(d)

Summary Of Significant Accounting Policies

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Summary Of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2012
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  
     March 31, 2012      April 2, 2011  

Net income

    $ 10,623       $ 9,770   

Weighted average basic shares outstanding

      25,785         25,547   

Basic net income per common share

    $ 0.41       $ 0.38   

Effect of dilutive stock options

      49         55   

Weighted average diluted shares outstanding

      25,834         25,602   

Diluted net income per common share

    $ 0.41       $ 0.38   

 

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.

Reclassification

Certain amounts shown in the 2011 consolidated financial statements have been reclassified to conform to the current presentation.