Earnings Per Share

9 Months Ended

Dec. 26, 2015

Earnings Per Share [Abstract]

Earnings Per Share, Policy [Policy Text Block]

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.

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 26, 2015		December 27, 2014		December 26, 2015		December 27, 2014
Net income	$	8,098	$	6,638	$	21,553	$	17,864
Weighted average shares outstanding:
Basic	8,903,742		8,857,449		8,881,822		8,852,822
Common stock equivalents—treasury stock method	161,158		159,136		158,324		162,714
Diluted	9,064,900		9,016,585		9,040,146		9,015,536
Net income per share:
Basic	$	0.91	$	0.75	$	2.43	$	2.02
Diluted	$	0.89	$	0.74	$	2.38	$	1.98

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three and nine months ended December 26, 2015 were 12,176 and 15,490, respectively. There were 16,512 and 2,722 anti-dilutive common stock equivalents excluded for the three and nine months ended December 27, 2014, respectively.