Earnings Per Share

9 Months Ended

Dec. 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				Nine Months Ended
	December 28, 2013		December 29, 2012		December 28, 2013		December 29, 2012
Net income attributable to Cavco common stockholders	$	5,892	$	1,457	$	12,028	$	3,571
Weighted average shares outstanding:
Basic	8,838,832		6,967,954		8,070,619		6,953,037
Common stock equivalents—treasury stock method	152,840		69,379		112,507		65,243
Diluted	8,991,672		7,037,333		8,183,126		7,018,280
Net income per share attributable to Cavco common stockholders:
Basic	$	0.67	$	0.21	$	1.49	$	0.51
Diluted	$	0.66	$	0.21	$	1.47	$	0.51

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended December 28, 2013, and December 29, 2012 were 4,932 and 14,389, respectively. There were 5,021 and 7,103 anti- dilutive common stock equivalents excluded from the computation of diluted earnings per share for the nine months ended December 28, 2013 and December 29, 2012, respectively.