Earnings Per Share

9 Months Ended

Dec. 27, 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				Nine Months Ended
		Fiscal December				Fiscal December
			2014		2013		2014		2013
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	15,986	$	15,329	$	49,248	$	42,550
Preferred stock dividends			(98)		(83)		(296)		(250)
Income available to common stockholders		$	15,888	$	15,246	$	48,952	$	42,300
Denominator for earnings per common share calculation:
Weighted average common shares, basic			31,596		31,417		31,558		31,369
Effect of dilutive securities:
	Preferred stock		760		760		760		760
	Stock options		481		456		514		438
Weighted average common shares, diluted			32,837		32,633		32,832		32,567
Basic Earnings per common share:		$	.50	$	.49	$	1.55	$	1.35
Diluted Earnings per common share:		$	.49	$	.47	$	1.50	$	1.31

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 153,000and 154,000stock options for the three and nine months ended fiscal December 27, 2014, respectively,and 86,000 and 98,000 for the three and nine months ended December 28, 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.