Earnings Per Share

9 Months Ended

Dec. 29, 2012

Earnings Per Share [Abstract]

Earnings Per Share

17. 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 share-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 29,		December 31,		December 29,		December 31,
	2012		2011		2012		2011
Net income attributable to Cavco common stockholders	$	1,457	$	1,677	$	3,571	$	13,584
Weighted average shares outstanding:
Basic		6,967,954		6,890,517		6,953,037		6,873,078
Common stock equivalents—treasury stock method		69,379		61,441		65,243		62,976
Diluted		7,037,333		6,951,958		7,018,280		6,936,054
Net income per share attributable to Cavco common stockholders:
Basic	$	0.21	$	0.24	$	0.51	$	1.98
Diluted	$	0.21	$	0.24	$	0.51	$	1.96

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended December 29, 2012 and December 31, 2011 were 14,389 and 20,427, respectively. There were 7,103 and 5,742 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the nine months ended December 29, 2012 and December 31, 2011, respectively.