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Earnings Per Share

9 Months Ended

Dec. 28, 2019

11. 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 shares of common stock 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 the thirteen and thirty-nine weeks ended December 28, 2019 and December 29, 2018 are as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	December 28,		December 29,		December 28,		December 29,
(in thousands, except per share data)	2019		2018		2019		2018
Net income	$	24,819	$	19,030	$	42,220	$	30,325

Weighted average basic shares outstanding		28,665		28,320		28,516		28,014
Dilutive effect of options and restricted stock		702		566		672		761
Weighted average diluted shares outstanding		29,367		28,886		29,188		28,775

Basic earnings per share	$	0.87	$	0.67	$	1.48	$	1.08
Diluted earnings per share	$	0.85	$	0.66	$	1.45	$	1.05

Options to purchase zero shares and 462,024 shares of common stock were outstanding during the thirteen weeks ended December 28, 2019 and December 29, 2018, respectively, but were not included in the computation of weighted average diluted shares of common stock outstanding as the effect of doing so would have been anti-dilutive.

Options to purchase 377,492 shares and 462,024 shares of common stock were outstanding during the thirty-nine weeks ended December 28, 2019 and December 29, 2018, respectively, but were not included in the computation of weighted average diluted shares of common stock outstanding as the effect of doing so would have been anti-dilutive.