Earnings per Common Share

3 Months Ended

Jun. 24, 2023

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 3 – Earnings per Common Share

Basic earnings per common share amounts are calculated by dividing income available to common shareholders, after deducting preferred stock dividends, by the weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities.

Earnings per Common Share	Three Months Ended
(thousands, except per share data)	June 24, 2023		June 25, 2022
Numerator for earnings per common share calculation:
Net income	$	8,829	$	12,484
Less: Preferred stock dividends		(129)		(129)
Income available to common shareholders	$	8,700	$	12,355
Denominator for earnings per common share calculation:
Weighted average common shares - basic		31,415		33,483
Effect of dilutive securities:
Preferred stock		460		460
Stock options		1		—
Restricted stock		78		43
Weighted average common shares - diluted		31,954		33,986
Basic earnings per common share	$	0.28	$	0.37
Diluted earnings per common share	$	0.28	$	0.37

Weighted average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share.