Earnings Per Common Share

3 Months Ended

Jun. 29, 2019

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 3 – Earnings per Common Share

Basic earnings per common share amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted earnings per common share amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding.

The following is a reconciliation of basic and diluted earnings per common share for the respective periods:

	Quarter Ended
	Fiscal June
	2019		2018
	(Amounts in thousands,
	except per share data)
Numerator for earnings per common share calculation:
Net income	$	22,606	$	20,644
Less: Preferred stock dividends		(112)		(102)
Income available to common shareholders	$	22,494	$	20,542
Denominator for earnings per common share calculation:
Weighted average common shares, basic		33,183		32,853
Effect of dilutive securities:
Preferred stock		510		510
Stock options		231		68
Restricted stock		40		26
Weighted average common shares, diluted		33,964		33,457
Basic earnings per common share:	$	0.68	$	0.63
Diluted earnings per common share:	$	0.67	$	0.62

The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 59,000 and 486,000 stock options for the quarters ended June 29, 2019 and June 30, 2018, respectively. Such amounts were excluded as the exercise price of these stock options was greater than the average market value of our common stock for those periods, resulting in an anti-dilutive effect on diluted earnings per common share.