Earnings Per Share

12 Months Ended

Apr. 03, 2021

13.	Earnings Per Share

Basic net income (loss) per share (“EPS”) attributable to the Company was computed by dividing net income (loss) attributable to the Company by the average number of common shares outstanding during the period. The Company’s time-vesting and performance-vesting restricted share awards are considered participating securities. Diluted earnings per common share is computed based on the more dilutive of: (i) the two-class method, assuming the participating securities are not exercised or converted; or (ii) the summation of average common shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued. During fiscal years 2021, 2020, and 2019, the two-class method was more dilutive. The number of shares used to calculate earnings per share prior to the Exchange was determined based on the exchange ratio, as defined in the Exchange Agreement.

The following table sets forth the computation of basic and diluted earnings per common share:

	Year Ended
(Dollars and shares in thousands, except per share data)	April 3, 2021			March 28, 2020			March 30, 2019

Numerator:
Net income (loss)	$	84,899		$	58,160		$	(58,208	)
Undistributed earnings allocated to participating securities		(77	)		(170	)		—
Net income (loss) attributable to the Company's common shareholders	$	84,822		$	57,990		$	(58,208	)
Denominator:
Basic weighted average shares outstanding		56,648			56,516			53,491
Dilutive securities		325			246			—
Diluted weighted average shares outstanding		56,973			56,762			53,491
Basic net income (loss) per share:	$	1.50		$	1.03		$	(1.09	)
Diluted net income (loss) per share:	$	1.49		$	1.02		$	(1.09	)

Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the periods presented are shown below:

Type of security (in thousands)	April 3, 2021		March 28, 2020
Options	$	62	$	53
Restricted Share Units		81		60
Performance Share Units		182		133
Total dilutive securities	$	325	$	246