Earnings Per Share

6 Months Ended

Sep. 28, 2019

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 share and per share amounts):



	Three Months Ended				Six Months Ended
	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Net income	$	20,885	$	15,576	$	42,167	$	35,267
Weighted average shares outstanding:
Basic	9,119,835		9,079,679		9,111,260		9,064,007
Effect of dilutive securities	146,250		224,509		130,574		223,723
Diluted	9,266,085		9,304,188		9,241,834		9,287,730
Net income per share:
Basic	$	2.29	$	1.72	$	4.63	$	3.89
Diluted	$	2.25	$	1.67	$	4.56	$	3.80

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three and six months ended September 28, 2019 were 22,536 and 42,401, respectively. In addition, 11,450 outstanding restricted share awards were excluded from the calculation of diluted earnings per share for the six months ended September 28, 2019 because the underlying vesting criteria had not yet been met. For the three and six months ended September 29, 2018, anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share were 3,751 and 6,682, respectively.