Note E - Income Per Share

6 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE E – 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 effect 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 warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen and twenty-six week periods ended September 26, 2021 and September 27, 2020, respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2021		2020		2021		2020		2021		2020
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	3,545	$	3,655		4,115		4,115	$	0.86	$	0.89
Effect of dilutive employee stock options		-		-		-		-		-		-
Diluted EPS
Diluted calculation	$	3,545	$	3,655		4,115		4,115	$	0.86	$	0.89

Twenty-six weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2021		2020		2021		2020		2021		2020
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	9,308	$	7,655		4,115		4,118	$	2.26	$	1.86
Effect of dilutive employee stock options		-		-		-		-		-		-
Diluted EPS
Diluted calculation	$	9,308	$	7,655		4,115		4,118	$	2.26	$	1.86

Options to purchase 20,000 shares of common stock in the thirteen and twenty-six week periods ended September 26, 2021 were not included in the computation of diluted EPS because the exercise price exceeded the average market price of common shares during the period.

Options to purchase 10,000 shares of common stock in the thirteen and twenty-six week periods ended September 27, 2020 were not included in the computation of diluted EPS because the exercise price exceeded the average market price of common shares during the period.