Earnings Per Common Share

3 Months Ended

Jun. 26, 2021

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 4 – Earnings per Common Share

Basic earnings per common share amounts are calculated by dividing income available to common shareholders, after deducting preferred stock dividends, by the weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents represent shares issuable upon the assumed exercise of common stock options outstanding.

Earnings per Common Share	Three Months Ended
(thousands, except per share data)	June 26, 2021		June 27, 2020
Numerator for earnings per common share calculation:
Net income	$	15,681	$	2,987
Less: Preferred stock dividends		(110)		(112)
Income available to common shareholders	$	15,571	$	2,875
Denominator for earnings per common share calculation:
Weighted average common shares - basic		33,498		33,285
Effect of dilutive securities:
Preferred stock		460		510
Stock options		31		31
Restricted stock		33		28
Weighted average common shares - diluted		34,022		33,854
Basic earnings per common share	$	0.46	$	0.09
Diluted earnings per common share	$	0.46	$	0.09

The calculation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 203,000 and 585,000 stock options for the three months ended June 26, 2021 and June 27, 2020, 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.