Earnings Per Share

3 Months Ended

Jun. 28, 2014

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
		Fiscal June
			2014		2013
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	16,932	$	13,572
Preferred stock dividends			(99)		(84)
Income available to common stockholders		$	16,833	$	13,488
Denominator for earnings per common share calculation:
Weighted average common shares, basic			31,516		31,302
Effect of dilutive securities:
	Preferred stock		760		760
	Stock options		501		424
Weighted average number of common shares, diluted			32,777		32,486
Basic Earnings per common share:		$	.53	$	.43
Diluted Earnings per common share:		$	.52	$	.42

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 57,000and 176,000 stock options for the three months ended fiscal June 28, 2014and June 29, 2013, respectively. 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.