Net Income per Share

6 Months Ended

Oct. 01, 2011

Note 8 - Net Income per Share

Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares that may be issued through stock options and ESPP only, since the Company does not have warrants or any other convertible securities outstanding. A reconciliation of the numerator and denominator of basic and diluted earnings per share is provided as follows (in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	October 1, 2011		October 2, 2010		October 1, 2011		October 2, 2010
BASIC:
Net income	$	1,711	$	3,822	$	3,380	$	7,930
Weighted average shares outstanding for the period		12,498		12,991		12,627		12,974
Net income per share	$	0.14	$	0.29	$	0.27	$	0.61

DILUTED:
Net income	$	1,711	$	3,822	$	3,380	$	7,930
Weighted average shares outstanding for the period		12,498		12,991		12,627		12,974
Effect of dilutive securities: stock options and ESPP		12		57		17		70
Total		12,510		13,048		12,644		13,044
Net income per share	$	0.14	$	0.29	$	0.27	$	0.61

Options to purchase 1,510,270 shares of the Company’s common stock at an average price of $27.42 per share, and 1,445,847 shares at an average price of $27.75 per share for the three and six months ended October 1, 2011, respectively, were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

Options to purchase 1,276,477 shares of the Company’s common stock at an average price of $28.92 per share, and 1,228,694 shares at an average price of $29.16 per share for the three and six months ended October 2, 2010, respectively, were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.