Earnings Per Share

6 Months Ended

Sep. 28, 2024

Earnings Per Share

Earnings Per Share

10. Earnings Per Share

Earnings per share is computed under the provisions of FASB ASC Topic 260, Earnings Per Share. Basic earnings per share is computed based on the weighted average number of outstanding shares of common stock during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential shares of common stock outstanding during the period using the treasury stock method, whereby proceeds from such exercise and unamortized compensation, if any, on stock-based awards, are assumed to be used by the Company to purchase the shares of common stock at the average market price during the period. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. Performance share units are included in the calculation of diluted earnings per share to the extent that shares underlying such awards would be issuable if the end of the reporting period were the end of the contingency period. Market-based stock option awards are excluded from the calculation of diluted earnings per share until their respective market criteria has been achieved.

The components of basic and diluted earnings per share of common stock, in the aggregate, for the thirteen and twenty-six weeks ended September 28, 2024 and September 30, 2023 were as follows:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	September 28,		September 30,		September 28,		September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net income	$	29,428	$	27,680	$	68,337	$	61,933
Weighted average basic shares outstanding		30,510		30,137		30,471		30,029
Dilutive effect of options and restricted stock		389		490		388		511
Weighted average diluted shares outstanding		30,899		30,627		30,859		30,540
Basic earnings per share	$	0.96	$	0.92	$	2.24	$	2.06
Diluted earnings per share	$	0.95	$	0.90	$	2.21	$	2.03

During the thirteen weeks ended September 28, 2024 and September 30, 2023, securities outstanding totaling approximately zero and 86,189 shares, respectively, comprised of options and restricted stock, were excluded from the computation of weighted average diluted common shares outstanding, as the effect of doing so would have been anti-dilutive.

During the twenty-six weeks ended September 28, 2024 and September 30, 2023, securities outstanding totaling approximately zero and 87,229 shares, respectively, comprised of options and restricted stock, were excluded from the computation of weighted average diluted common shares outstanding, as the effect of doing so would have been anti-dilutive.