Net Income Per Share

6 Months Ended

Sep. 25, 2021

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 grants.

The following table details the calculation of basic and diluted earnings per share for the three and six months ended September 25, 2021 and September 26, 2020 (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	September 25,		September 26,		September 25,		September 26,
	2021		2020		2021		2020
Numerator:
Net income	$	85,096	$	59,486	$	102,305	$	77,695
Denominator:
Weighted average shares outstanding	57,364		58,191		57,473		58,252
Effect of dilutive securities	2,087		1,936		2,012		1,951
Weighted average diluted shares	59,451		60,127		59,485		60,203
Basic earnings per share	$	1.48	$	1.02	$	1.78	$	1.33
Diluted earnings per share	$	1.43	$	0.99	$	1.72	$	1.29

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 25, 2021 were 95 thousand and 99 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 26, 2020, were 247 thousand and 226 thousand, respectively, as the shares were anti-dilutive.