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Earnings Per Share

12 Months Ended

Mar. 28, 2020

15. Earnings Per Share

Earnings per share is computed under the provisions of FASB ASC Topic 260, Earnings Per Share. Basic earnings per share is computed based on the weighted average number of outstanding shares of common stock during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, whereby proceeds from such exercise and unamortized compensation, if any, on share-based awards are assumed to be used by the Company to purchase the shares of common stock at the average market price during the period. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. Performance share units and market-based stock option awards are excluded from the calculation of diluted earnings per share until their respective performance or market criteria has been achieved.

The components of basic and diluted earnings per share of common stock, in aggregate, for fiscal 2020, 2019, and 2018 are as follows:


	Fiscal Year Ended
	March 28,		March 30,		March 31,
(in thousands, except per share data)	2020		2019		2018
Net income	$	47,949	$	39,022	$	28,879

Weighted average basic shares outstanding		28,583		28,092		26,744
Dilutive effect of options and restricted stock		637		721		784
Weighted average diluted shares outstanding		29,220		28,813		27,528

Basic earnings per share	$	1.68	$	1.39	$	1.08
Diluted earnings per share	$	1.64	$	1.35	$	1.05

Options to purchase approximately 360,079, 483,050, and 476,870 shares of common stock during the fiscal years ended March 28, 2020, March 30, 2019 and March 31, 2018 were outstanding, but were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would have been anti-dilutive.