Earnings Per Share

3 Months Ended

Jun. 25, 2016

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
	2016		2015
	(Dollars in thousands,
	except per share data)
Numerator for earnings per common share calculation:
Net Income	$	16,755	$	18,799
Preferred stock dividends		(129)		(114)
Income available to common stockholders	$	16,626	$	18,685
Denominator for earnings per common share calculation:
Weighted average common shares, basic		32,258		31,855
Effect of dilutive securities:
Preferred stock		760		760
Stock options		309		493
Weighted average number of common shares, diluted		33,327		33,108
Basic Earnings per common share:	$	.52	$	.59
Diluted Earnings per common share:	$	.50	$	.57

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 229,000 and 109,000 stock options for the three months ended fiscal June 25, 2016 and June 27, 2015, respectively. Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of our Common Stock for those periods, resulting in an anti-dilutive effect on diluted EPS.