Earnings Per Common Share

9 Months Ended

Dec. 28, 2019

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 3 – Earnings per Common Share

Basic earnings per common share amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted earnings per common share amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding.

The following is a reconciliation of basic and diluted earnings per common share for the respective periods:

	Quarter Ended				Nine Months Ended
	Fiscal December				Fiscal December
	2019		2018		2019		2018
	(Amounts in thousands,
	except per share data)
Numerator for earnings per common share calculation:
Net income	$	18,880	$	20,531	$	61,800	$	62,936
Less: Preferred stock dividends		(112)		(102)		(337)		(306)
Income available to common shareholders	$	18,768	$	20,429	$	61,463	$	62,630
Denominator for earnings per common share calculation:
Weighted average common shares, basic		33,274		33,032		33,234		32,932
Effect of dilutive securities:
Preferred stock		510		510		510		510
Stock options		165		195		196		134
Restricted stock		24		29		31		29
Weighted average common shares, diluted		33,973		33,766		33,971		33,605
Basic earnings per common share:	$	0.56	$	0.62	$	1.85	$	1.90
Diluted earnings per common share:	$	0.56	$	0.61	$	1.82	$	1.87

The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 177,000 and 169,000 stock options for the quarter and nine months ended December 28, 2019, respectively, and 120,000 and 274,000 stock options for the quarter and nine months ended December 29, 2018, respectively. Such amounts were excluded as the exercise price of these stock options was greater than the average market value of our common stock for those periods, resulting in an anti-dilutive effect on diluted earnings per common share.