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Earnings Per Share

9 Months Ended

Dec. 28, 2024

Earnings Per Share

Earnings Per Share

10. 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 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 shares underlying such awards 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.

The components of basic and diluted earnings per share of common stock, in the aggregate, for the thirteen and thirty-nine weeks ended December 28, 2024 and December 30, 2023 were as follows:


		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		December 28,			December 30,			December 28,			December 30,
(in thousands, except per share data)		2024			2023			2024			2023
Net income		$	75,066		$	55,624		$	143,403		$	117,557

Weighted average basic shares outstanding			30,559			30,293			30,501			30,117
Dilutive effect of options and restricted stock			339			356			375			458
Weighted average diluted shares outstanding			30,898			30,649			30,876			30,575

Basic earnings per share		$	2.46		$	1.84		$	4.70		$	3.90
Diluted earnings per share		$	2.43		$	1.81		$	4.64		$	3.84

During the thirteen weeks ended December 28, 2024 and December 30, 2023, securities outstanding totaling approximately zero and 89,098 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.

During the thirty-nine weeks ended December 28, 2024 and December 30, 2023, securities outstanding totaling approximately 12,953 and 86,882 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.