EARNINGS PER SHARE

9 Months Ended

Jan. 01, 2022

7. EARNINGS PER SHARE

The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.


	Three Months Ended				Nine Months Ended
(In thousands, except per share amounts)	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020
Basic EPS
Net income	$	23,232	$	31,882	$	33,634	$	90,510
Weighted average shares	51,094		50,789		51,024		50,634
Basic income per share	$	0.45	$	0.63	$	0.66	$	1.79
Diluted EPS
Net income	$	23,232	$	31,882	$	33,634	$	90,510
Basic weighted average shares	51,094		50,789		51,024		50,634
Net effect of common stock equivalents	250		574		332		600
Diluted weighted average shares	51,344		51,363		51,356		51,234
Diluted income per share	$	0.45	$	0.62	$	0.65	$	1.77

Basic earnings per share is calculated using the Company’s weighted-average outstanding common stock. Diluted earnings per share is calculated using its weighted-average outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method and the convertible senior notes as determined under the net share settlement method. From the time of the issuance of the convertible senior notes, the average market price of the Company's common shares has been less than the initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion value of the convertible senior notes. For the three and nine months ended January 1, 2022, weighted average shares outstanding, assuming dilution, excludes the impact of 0.9 million anti-dilutive shares. For the three and nine

months ended December 26, 2020, weighted average shares outstanding, assuming dilution, excludes the impact of 0.4 million and 0.6 million anti-dilutive shares, respectively.