Net Income Per Share

9 Months Ended

Dec. 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 nine months ended December 25, 2021 and December 26, 2020 (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	December 25,		December 26,		December 25,		December 26,
	2021		2020		2021		2020
Numerator:
Net income	$	127,636	$	114,368	$	229,941	$	192,063
Denominator:
Weighted average shares outstanding	57,178		58,024		57,374		58,176
Effect of dilutive securities	1,853		1,939		1,943		1,925
Weighted average diluted shares	59,031		59,963		59,317		60,101
Basic earnings per share	$	2.23	$	1.97	$	4.01	$	3.30
Diluted earnings per share	$	2.16	$	1.91	$	3.88	$	3.20

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 25, 2021 were 102 thousand and 97 thousand, respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 26, 2020, were 159 thousand and 350 thousand, respectively, as the shares were anti-dilutive.