Earnings Per Common Share

6 Months Ended

Sep. 25, 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 potential common shares issuable from the conversion of preferred stock, as well as upon the assumed exercise of common stock options outstanding and from the vesting of restricted stock.

Earnings per Common Share	Three Months Ended				Six Months Ended
(thousands, except per share data)	September 25, 2021		September 26, 2020		September 25, 2021		September 26, 2020
Numerator for earnings per common share calculation:
Net income	$	20,985	$	12,846	$	36,666	$	15,833
Less: Preferred stock dividends		(120)		(112)		(230)		(224)
Income available to common shareholders	$	20,865	$	12,734	$	36,436	$	15,609
Denominator for earnings per common share calculation:
Weighted average common shares - basic		33,523		33,297		33,510		33,291
Effect of dilutive securities:
Preferred stock		460		510		460		510
Stock options		13		26		21		28
Restricted stock		31		16		35		22
Weighted average common shares - diluted		34,027		33,849		34,026		33,851
Basic earnings per common share	$	0.62	$	0.38	$	1.09	$	0.47
Diluted earnings per common share	$	0.62	$	0.38	$	1.08	$	0.47

Weighted average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share.