Earnings Per Share

3 Months Ended

Jun. 25, 2011

Earnings Per Share Basic And Diluted [Abstract]

Note 3 – Earnings Per Share

Basic earnings per common share (EPS) amounts are computed by dividing earnings after the deduction of preferred stock dividends by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalents outstanding.

The following is a reconciliation of basic and diluted EPS for the respective periods:


		Quarter Ended
		Fiscal June
			2011		2010
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	15,442	$	13,211
Less: Preferred stock dividends			61		46
Income available to common stockholders		$	15,381	$	13,165

Denominator for earnings per common share calculation:
Weighted average common shares, basic			30,497		29,993
Effect of dilutive securities:
	Preferred stock		760		760
	Stock options		729		801
Weighted average number of common shares, diluted			31,986		31,554
Basic Earnings per common share:		$	0.50	$	0.44
Diluted Earnings per common share:		$	0.48	$	0.42

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 660,000 and 155,000 stock options for the three months ended fiscal June 2011 and June 2010, respectively. Such amounts were excluded as the exercise prices of these options were greater than the average market value of the Company's common stock for those periods, resulting in an anti-dilutive effect on diluted EPS.