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Earnings Per Share

3 Months Ended

Jun. 25, 2022

Earnings Per Share

Earnings Per Share

10. Earnings Per Share

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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.

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The components of basic and diluted earnings per share of common stock, in aggregate, for the thirteen weeks ended June 25, 2022 and June 26, 2021 are as follows:

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​	​	​	​	​	​	​	​
​	​	Thirteen Weeks Ended					​
​	​	June 25,		​	June 26,		​
(in thousands, except per share data)		2022			2021
Net income	​	$	39,318	​	$	40,645	​
​	​	​	​	​	​	​	​
Weighted average basic shares outstanding	​		29,747	​		29,361	​
Dilutive effect of options and restricted stock	​		639	​		852	​
Weighted average diluted shares outstanding	​		30,386	​		30,213	​
​	​	​	​	​	​	​	​
Basic earnings per share	​	$	1.32	​	$	1.38	​
Diluted earnings per share	​	$	1.29	​	$	1.35	​

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During the thirteen weeks ended June 25, 2022 and June 26, 2021, securities outstanding totaling approximately 87,576 and zero shares, respectively, comprised of options and restricted stock, were excluded from the computation of weighted average diluted common shares outstanding, as the effect of doing so would have been anti-dilutive.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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