Earnings Per Common Share

12 Months Ended

Mar. 28, 2020

Earnings Per Common Share [Abstract]

Earnings Per Common Share

NOTE 11 – EARNINGS PER COMMON SHARE

A reconciliation of basic and diluted earnings per common share for the years ended March is as follows:

	Year Ended Fiscal March
	2020		2019		2018
	(Amounts in thousands, except per share data)
Numerator for earnings per common share calculation:
Net income	$	58,024	$	79,752	$	63,935
Less: Preferred stock dividends		(449)		(408)		(368)
Income available to common stockholders	$	57,575	$	79,344	$	63,567
Denominator for earnings per common share calculation:
Weighted average common shares, basic		33,246		32,980		32,767
Effect of dilutive securities:
Preferred stock		510		510		510
Stock options		167		154		56
Restricted stock		30		31		8
Weighted average common shares, diluted		33,953		33,675		33,341
Basic earnings per common share:	$	1.73	$	2.41	$	1.94
Diluted earnings per common share:	$	1.71	$	2.37	$	1.92

The computation of diluted earnings per common share for fiscal 2020, 2019 and 2018 excludes the effect of assumed exercise of approximately 177,000, 146,000 and 1,091,000 of stock options, respectively, as the exercise price of these 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.