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Earnings Per Share

3 Months Ended

Jul. 01, 2023

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 stock-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 are included in the calculation of diluted earnings per share to the extent that the shares would be issuable if the end of the reporting period were the end of the contingency period. Market-based stock option awards are excluded from the calculation of diluted earnings per share until their respective 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 July 1, 2023 and June 25, 2022 are as follows:

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​	​	​	​	​	​	​
​	​	Thirteen Weeks Ended
​	​	July 1,		​	June 25,
(in thousands, except per share data)		2023			2022
Net income	​	$	34,253	​	$	39,318
​	​	​	​	​	​	​
Weighted average basic shares outstanding	​		29,922	​		29,747
Dilutive effect of options and restricted stock	​		522	​		639
Weighted average diluted shares outstanding	​		30,444	​		30,386
​	​	​	​	​	​	​
Basic earnings per share	​	$	1.14	​	$	1.32
Diluted earnings per share	​	$	1.13	​	$	1.29

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During the thirteen weeks ended July 1, 2023 and June 25, 2022, securities outstanding totaling approximately 87,229 and 87,576 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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- References

No definition available.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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