Note E - Income Per Share

9 Months Ended

Dec. 24, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE E – INCOME PER SHARE                  

Basic income per common share is calculated by dividing net income by the weighted average number of common shares outstanding and excludes any dilutive effect of share-based awards. 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 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 thirty-nine week periods ended December 24, 2023 and December 25, 2022, respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2023		2022		2023		2022		2023		2022
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	2,607	$	3,263		4,080		4,080	$	0.64	$	0.80
Effect of dilutive share-based awards		-		-		-		36		-		(0.01	)
Diluted EPS
Diluted calculation	$	2,607	$	3,263		4,080		4,116	$	0.64	$	0.79

Thirty-nine weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2023		2022		2023		2022		2023			2022
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	15,706	$	16,358		4,080		4,092	$	3.85		$	4.00
Effect of dilutive share-based awards		-		-		7		12		(0.01	)		(0.01	)
Diluted EPS
Diluted calculation	$	15,706	$	16,358		4,087		4,104	$	3.84		$	3.99

Options to purchase 20,000 shares of common stock in the thirteen and thirty-nine week periods ended December 24, 2023 and December 25, 2022 were excluded in the computation of diluted earnings per share because the exercise price exceeded the average market price of common shares during these periods.