Earnings Per Common Share

12 Months Ended

Mar. 26, 2022

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 12 – Earnings per Common Share

Earnings per Common Share
(thousands, except per share data)		2022		2021		2020
Numerator for earnings per common share calculation:
Net income	$	61,568	$	34,319	$	58,024
Less: Preferred stock dividends		(469)		(438)		(449)
Income available to common stockholders	$	61,099	$	33,881	$	57,575
Denominator for earnings per common share calculation:
Weighted average common shares - basic		33,527		33,329		33,246
Effect of dilutive securities:
Preferred stock		460		503		510
Stock options		12		26		167
Restricted stock		39		18		30
Weighted average common shares - diluted		34,038		33,876		33,953
Basic earnings per common share	$	1.82	$	1.02	$	1.73
Diluted earnings per common share	$	1.81	$	1.01	$	1.71

The computation of diluted earnings per common share for 2022, 2021, and 2020 excludes the effect of the assumed exercise of approximately 460,000, 456,000, and 177,000 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.