Earnings Per Share

9 Months Ended

Dec. 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 deducting 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				Nine Months Ended
		Fiscal December				Fiscal December
			2012		2011		2012		2011
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	11,255	$	13,552	$	34,440	$	44,110
Preferred stock dividends			(152)		(69)		(304)		(198)
Income available to common shareholders		$	11,103	$	13,483	$	34,136	$	43,912
Denominator for earnings per common share calculation:
Weighted average common shares, basic			31,116		30,823		31,020		30,659
Effect of dilutive securities:
	Preferred stock		760		760		760		760
	Stock options		364		513		507		824
Weighted average number of common shares, diluted			32,240		32,096		32,287		32,243
Basic Earnings per common share:		$	.36	$	.44	$	1.10	$	1.43
Diluted Earnings per common share:		$	.35	$	.42	$	1.07	$	1.37

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 1,034,000 and 967,000 stock optionsfor the three and ninemonths ended fiscal December 29, 2012, respectively,and 588,000 and 687,000 stock options respectively,for the three and nine months ended December 24, 2011. Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of ourCommon Stock for those periods, resulting in an anti-dilutive effect on diluted EPS.