Panera Bread 2005 Annual Report Download - page 60

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54
16. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except for per share data):
For the Fiscal Years Ended
December 27,
2005
December 25,
2004
December 27,
2003
Amounts used for basic and diluted per share calculations:
Income before cumulative effect of accounting change ...................................................... $ 52,183 $ 38,580 $ 30,669
Cumulative effect of accounting change, net of tax............................................................. — — (239)
Net income........................................................................................................................... $ 52,183 $ 38,580 $ 30,430
Weighted average number of shares outstanding — basic .................................................. 30,871 30,154 29,733
Effect of dilutive securities:
Employee stock options ..................................................................................................... 772 614 690
LTIP ................................................................................................................................... 8 — —
Weighted average number of shares outstanding — diluted ............................................... 31,651 30,768 30,423
Basic earnings per common share:
Before cumulative effect of accounting change................................................................... $ 1.69 $ 1.28 $ 1.03
Cumulative effect of accounting change.............................................................................. — — (0.01)
Net income........................................................................................................................... $ 1.69 $ 1.28 $ 1.02
Diluted earnings per common share:
Before cumulative effect of accounting change................................................................... $ 1.65 $ 1.25 $ 1.01
Cumulative effect of accounting change.............................................................................. — — (0.01)
Net income........................................................................................................................... $ 1.65 $ 1.25 $ 1.00
For the years ended December 27, 2005, December 25, 2004, and December 27, 2003, outstanding options for 0.03 million, 0.5
million, and 0.4 million shares, respectively, were excluded in calculating diluted earnings per share as the exercise price exceeded
fair market value and inclusion would have been anti-dilutive.