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Earnings Per Share | 12 Months Ended
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Apr. 01, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | 12. Earnings Per Share Basic net income per share (“EPS”) attributable to the Company was computed by dividing net income attributable to the Company by the average number of common shares outstanding during the period. Certain of the Company’s time-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 treasury stock method. During fiscal 2021, the two-class method was more dilutive. The two-class method was not applicable to the computation for fiscal 2023 or 2022 as the time-vested restricted share awards were fully vested and no longer considered participating securities. 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 1, 2023 |  |  | April 2, 2022 |  |  | April 3, 2021 |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 401,802 |  |  | $ | 248,044 |  |  | $ | 84,899 |
Undistributed earnings allocated to participating securities |  |  | — |  |  |  | — |  |  |  | (77 | )
Net income attributable to the Company's common shareholders |  | $ | 401,802 |  |  | $ | 248,044 |  |  | $ | 84,822 |
Denominator: |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  |  | 56,987 |  |  |  | 56,816 |  |  |  | 56,648 |
Dilutive securities |  |  | 408 |  |  |  | 490 |  |  |  | 325 |
Diluted weighted average shares outstanding |  |  | 57,395 |  |  |  | 57,306 |  |  |  | 56,973 |
Basic net income per share: |  | $ | 7.05 |  |  | $ | 4.37 |  |  | $ | 1.50 |
Diluted net income per share: |  | $ | 7.00 |  |  | $ | 4.33 |  |  | $ | 1.49 |
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 1, 2023 |  |  | April 2, 2022 |  |  | April 3, 2021 |
Stock options |  |  | 13 |  |  |  | 11 |  |  |  | 358 |
Restricted share units |  |  | - |  |  |  | 20 |  |  |  | - |
Performance share units |  |  | 93 |  |  |  | 20 |  |  |  | - |
Total dilutive securities |  |  | 106 |  |  |  | 51 |  |  |  | 358 |

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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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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