Earnings per Common Share

12 Months Ended

Mar. 25, 2023

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 11 – Earnings per Common Share

Earnings per Common Share
(thousands, except per share data)		2023		2022		2021
Numerator for earnings per common share calculation:
Net income	$	39,048	$	61,568	$	34,319
Less: Preferred stock dividends		(515)		(469)		(438)
Income available to common stockholders	$	38,533	$	61,099	$	33,881
Denominator for earnings per common share calculation:
Weighted average common shares - basic		32,144		33,527		33,329
Effect of dilutive securities:
Preferred stock		460		460		503
Stock options		—		12		26
Restricted stock		49		39		18
Weighted average common shares - diluted		32,653		34,038		33,876
Basic earnings per common share	$	1.20	$	1.82	$	1.02
Diluted earnings per common share	$	1.20	$	1.81	$	1.01

The computation of diluted earnings per common share for 2023, 2022, and 2021 excludes the effect of the assumed exercise of approximately 658,000, 460,000, and 456,000 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.