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Net Income Per Share
 3 Months Ended
Jun. 29, 2013
Net Income Per Share [Abstract]  
Net Income Per Share

Note 7 - 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

 

 

June 29,

 

June 30,

 

 
2013 

 
2012 

BASIC:

 

 

 

 

 

 

Net income

 

$
2,886 

 

$
597 

Weighted average shares outstanding for the period

 

 
11,528 

 

 
11,999 

Net income per share

 

$
0.25 

 

$
0.05 

 

 

 

 

 

 

 

DILUTED:

 

 

 

 

 

 

Net income

 

$
2,886 

 

$
597 

Weighted average shares outstanding for the period

 

 
11,528 

 

 
11,999 

Effect of dilutive securities: stock options and ESPP

 

 
57 

 

 
2 

Total

 

 
11,585 

 

 
12,001 

Net income per share

 

$
0.25 

 

$
0.05 

 

 

Options to purchase 1,235,439 shares of the Company’s common stock at an average price of $26.16 per share for the three months ended June 29, 2013 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 months ended June 30, 2012, options to purchase 1,656,126 shares of the Company’s common stock at an average price of $26.57 per share were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.