Earnings Per Share

6 Months Ended

Sep. 24, 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				Six Months Ended
	Fiscal September				Fiscal September
	2016		2015		2016		2015
	(Dollars in thousands,
	except per share data)
Numerator for earnings per common share calculation:
Net Income	$	17,544	$	18,872	$	34,299	$	37,671
Preferred stock dividends		(129)		(114)		(258)		(228)
Income available to common stockholders	$	17,415	$	18,758	$	34,041	$	37,443
Denominator for earnings per common share calculation:
Weighted average common shares, basic		32,291		31,961		32,274		31,908
Effect of dilutive securities:
Preferred stock		760		760		760		760
Stock options		266		439		292		474
Weighted average number of common shares, diluted		33,317		33,160		33,326		33,142
Basic Earnings per common share:	$	.54	$	.59	$	1.05	$	1.17
Diluted Earnings per common share:	$	.53	$	.57	$	1.03	$	1.14

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 243,000 and 241,000 stock options for the three and six months ended fiscal September 24, 2016, respectively, and 168,000 and 172,000 for the three and six months ended September 26, 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.