Earnings Per Share

9 Months Ended

Dec. 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				Nine Months Ended
		Fiscal December				Fiscal December
			2011		2010		2011		2010
		(Dollars in thousands,
		except per share data)
Numerator for earnings per common share calculation:
Net Income		$	13,552	$	11,058	$	44,110	$	37,593
Preferred stock dividends			(69)		(61)		(198)		(152)
Income available to common shareholders		$	13,483	$	10,997	$	43,912	$	37,441

Denominator for earnings per common share calculation:
Weighted average common shares, basic			30,823		30,275		30,659		30,131
Effect of dilutive securities:
	Preferred stock		760		760		760		760
	Stock options		513		880		824		856
Weighted average number of common shares, diluted			32,096		31,915		32,243		31,747
Basic Earnings per common share:		$	.44	$	.37	$	1.43	$	1.25
Diluted Earnings per common share:		$	.42	$	.35	$	1.37	$	1.18

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 588,000 and 687,000 stock options respectively, for the three and nine months ended fiscal December 24, 2011, and 49,000 and 198,000 stock options respectively, for the three and nine months ended December 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.

- Definition

The entire disclosure for earnings per share.

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