Note 3 - Income Per Share

12 Months Ended

Mar. 31, 2013

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 . 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 restricted stock, 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 31, 2013, March 25, 2012 and March 27, 2011, respectively:

	Net Income						Shares						Net income per share
	2013		2012		2011		2013		2012		2011		2013			2012			2011
Basic EPS
Basic calculation	$	7,468	$	6,158	$	2,213		4,400,000		4,906,000		5,403,000	$	1.70		$	1.26		$	.41
Effect of dilutive employee stock options		-		-		-		188,000		143,000		101,000		(.07	)		(.04	)		(.01	)
Diluted EPS
Diluted calculation	$	7,468	$	6,158	$	2,213		4,588,000		5,049,000		5,504,000	$	1.63		$	1.22		$	.40

There were no options to purchase shares of common stock for the years ended March 31, 2013 and March 25, 2012 that were excluded from the computation of diluted earnings per share. Options to purchase 110,000 shares of common stock for the year ended March 27, 2011 were excluded in the computation of diluted earnings per share because the exercise prices exceeded the average market price of common shares during the respective periods.