Note 7 - Earnings Per Share

12 Months Ended

Feb. 26, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

7. EARNINGS PER SHARE

Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the potential common stock equivalents outstanding during the period. Stock options are the only common stock equivalents, and the number of dilutive options is computed using the treasury stock method.

The following table sets forth the calculation of basic and diluted earnings per share:

	Fiscal Year
(Amounts in thousands, except per share amounts)	2023		2022		2021
Net earnings - continuing operations	$	10,731	$	8,464	$	5,192
Net (loss) earnings - discontinued operations		-		-		(328	)
Net earnings	$	10,731	$	8,464	$	4,864
Weighted average common shares outstanding for basic EPS		20,465		20,422		20,387
Net effect of dilutive options		44		129		91
Weighted average shares outstanding for diluted EPS		20,509		20,551		20,478
Basic earnings per share - continuing operations	$	0.52	$	0.41	$	0.25
Basic (loss) earnings per share - discontinued operations		-		-		(0.01	)
Basic earnings per share	$	0.52	$	0.41	$	0.24
Diluted earnings per share - continuing operations	$	0.52	$	0.41	$	0.25
Diluted (loss) earnings per share - discontinued operations		-		-		(0.01	)
Diluted earnings per share	$	0.52	$	0.41	$	0.24

Potentially dilutive stock options, which were not included in the computation of diluted earnings per share because either the effect would have been antidilutive or the options’ exercise prices were greater than the average market price of the common stock, were 441,781, 263,744 and 387,975 for the 2023, 2022 and 2021 fiscal years, respectively.