Earnings Per Share

6 Months Ended

Sep. 24, 2011

Earnings Per Share Basic And Diluted [Abstract]

Note 3 – Earnings Per Share

Basic earnings per common share (EPS) amounts are computed by dividing Income available to common shareholders 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 equivalent securities outstanding.

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

		Quarter Ended				Six Months Ended
		Fiscal September				Fiscal September
			2011		2010		2011		2010
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	15,117	$	13,324	$	30,559	$	26,535
Preferred stock dividends			(68)		(45)		(129)		(91)
Income available to common shareholders		$	15,049	$	13,279	$	30,430	$	26,444

Denominator for earnings per common share calculation:
Weighted average common shares, basic			30,656		30,124		30,576		30,058
Effect of dilutive securities:
	Preferred stock		760		760		760		760
	Stock options		857		832		965		826
Weighted average number of common shares, diluted			32,273		31,716		32,301		31,644
Basic Earnings per common share:		$	.49	$	.44	$	1.00	$	.88
Diluted Earnings per common share:		$	.47	$	.42	$	.95	$	.84

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 686,000 and 687,000 stock options respectively, for the three and six months ended fiscal September 24, 2011, and 270,000 and 272,000 stock options respectively, for the three and six months ended September 25, 2010. Such amounts were excluded as the exercise prices of these stock 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.