Earnings Per Share

6 Months Ended

Sep. 28, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 28, 2013		September 30, 2012		September 28, 2013		September 30, 2012
Net income attributable to Cavco common stockholders	$	4,310	$	1,254	$	6,136	$	2,114
Weighted average shares outstanding:
Basic	8,422,353		6,967,954		7,689,538		6,945,815
Common stock equivalents—treasury stock method	124,673		73,801		98,328		60,507
Diluted	8,547,026		7,041,755		7,787,866		7,006,322
Net income per share attributable to Cavco common stockholders:
Basic	$	0.51	$	0.18	$	0.80	$	0.30
Diluted	$	0.50	$	0.18	$	0.79	$	0.30

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended September 28, 2013, and September 30, 2012 were 6,820 and 13,541, respectively. There were 11,844 and 8,595 anti- dilutive common stock equivalents excluded from the computation of diluted earnings per share for the six months ended September 28, 2013 and September 30, 2012, respectively.