Earnings Per Share

6 Months Ended

Sep. 28, 2013

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				Six Months Ended
		Fiscal September				Fiscal September
			2013		2012		2013		2012
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	13,650	$	11,548	$	27,221	$	23,185
Preferred stock dividends			(83)		(76)		(167)		(152)
Income available to common stockholders		$	13,567	$	11,472	$	27,054	$	23,033
Denominator for earnings per common share calculation:
Weighted average common shares, basic			31,390		31,023		31,346		30,973
Effect of dilutive securities:
	Preferred stock		760		760		760		760
	Stock options		403		423		417		482
Weighted average common shares, diluted			32,553		32,206		32,523		32,215
Basic Earnings per common share:		$	.43	$	.37	$	.86	$	.74
Diluted Earnings per common share:		$	.42	$	.36	$	.84	$	.72

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 95,000 and 149,000 stock options for the three andsixmonths ended fiscal September 28, 2013,respectively, and 648,000 for both the three and six months ended September 29, 2012. 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.