Net Income Per Share

9 Months Ended

Dec. 29, 2012

Net Income Per Share [Abstract]

Net Income Per Share

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				Nine Months Ended
	December 29,		December 31,		December 29,		December 31,
	2012		2011		2012		2011
BASIC:
Net income	$	1,431	$	96	$	2,718	$	3,476
Weighted average shares outstanding for the period		11,567		12,063		11,782		12,439
Net income per share	$	0.12	$	0.01	$	0.23	$	0.28
DILUTED:
Net income	$	1,431	$	96	$	2,718	$	3,476
Weighted average shares outstanding for the period		11,567		12,063		11,782		12,439
Effect of dilutive securities: stock options and ESPP		1		3		1		11
Total		11,568		12,066		11,783		12,450
Net income per share	$	0.12	$	0.01	$	0.23	$	0.28

Options to purchase 1,675,403 shares of the Company’s common stock at an average price of $26.20 per share, and 1,660,645 shares at an average price of $26.42 for the three and nine months ended December 29, 2012, respectively, were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

For the three and nine months ended December 31, 2011, options to purchase 1,652,846 shares of the Company’s common stock at an average price of $26.66 per share, and 1,512,980 shares at an average price of $27.36 per share, respectively, were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.