Net Income Per Share

6 Months Ended

Sep. 27, 2014

Net Income Per Share [Abstract]

Net Income Per Share

12.Net Income Per Share

Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock awards.

The following table details the calculation of basic and diluted earnings per share for the three and six months ended September 27, 2014 and September 28, 2013 (in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 27,		September 28,		September 27,		September 28,
	2014		2013		2014		2013
Numerator:
Net income	$	852	$	33,367	$	11,100	$	54,009
Denominator:
Weighted average shares outstanding		62,241		63,217		62,137		63,329
Effect of dilutive securities		2,844		2,908		2,755		2,874
Weighted average diluted shares		65,085		66,125		64,892		66,203
Basic earnings per share	$	0.01	$	0.53	$	0.18	$	0.85
Diluted earnings per share	$	0.01	$	0.50	$	0.17	$	0.82

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 27, 2014 were 642 thousand and 731 thousand, respectively, as the shares were anti-dilutive.  The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 28, 2013 were 991 thousand and 986 thousand, respectively.