Earnings Per Share

6 Months Ended

Sep. 29, 2012

Earnings Per Share Basic And Diluted [Abstract]

Earnings Per Share Text Block

Note 3 – Earnings Per Share

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

The following is a reconciliation of basic and diluted EPS for the respective periods:

		Quarter Ended				Six Months Ended
		Fiscal September				Fiscal September
			2012		2011		2012		2011
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	11,548	$	15,117	$	23,185	$	30,559
Preferred stock dividends			(76)		(68)		(152)		(129)
Income available to common shareholders		$	11,472	$	15,049	$	23,033	$	30,430
Denominator for earnings per common share calculation:
Weighted average common shares, basic			31,023		30,656		30,973		30,576
Effect of dilutive securities:
	Preferred stock		760		760		760		760
	Stock options		423		857		482		965
Weighted average number of common shares, diluted			32,206		32,273		32,215		32,301
Basic Earnings per common share:		$	.37	$	.49	$	.74	$	1.00
Diluted Earnings per common share:		$	.36	$	.47	$	.72	$	.95

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 648,000 stock optionsfor both the three and sixmonths ended fiscal September 29, 2012, and 686,000 and 687,000 stock options respectively,for the three and six months ended September 24, 2011. Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of the Company's Common Stock for those periods, resulting in an anti-dilutive effect on diluted EPS.