Note 3 - Income Per Share

12 Months Ended

Mar. 25, 2012

Earnings Per Share [Text Block]

NOTE C - INCOME PER SHARE

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effects of stock options or warrants. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period.  Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per share amounts for the fiscal years ended March 25, 2012, March 27, 2011 and March 28, 2010, respectively:

	Net Income						Shares						Net income per share
	2012		2011		2010		2012		2011		2010		2012			2011			2010
Basic EPS
Basic calculation	$	6,158	$	2,213	$	5,569		4,906,000		5,403,000		5,563,000	$	1.26		$	.41		$	1.00
Effect of dilutive employee stock options and warrants		-		-		-		143,000		101,000		153,000		(.04	)		(.01	)		(.03	)
Diluted EPS
Diluted calculation	$	6,158	$	2,213	$	5,569		5,049,000		5,504,000		5,716,000	$	1.22		$	.40		$	.97

There were no options to purchase shares of common stock for the year ended March 25, 2012, that were excluded from the computation of diluted earnings per share. Options and warrants to purchase 110,000 and 110,000 shares of common stock for the years ended March 27, 2011 and March 28, 2010, respectively, were not included in the computation of diluted earnings per share because the exercise prices exceeded the average market price of common shares during the respective periods.