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Earnings Per Share
 3 Months Ended
Jun. 30, 2012
Earnings Per Share Basic And Diluted [Abstract]  
Earnings Per Share Text Block

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
   Fiscal June
   2012  2011
  (Dollars in thousands,
  except per share data)
Numerator for earnings per common share calculation:     
Net Income$ 11,637 $ 15,442
Preferred stock dividends  (76)   (61)
Income available to common stockholders$ 11,561 $ 15,381
       
Denominator for earnings per common share calculation:     
Weighted average common shares, basic  30,922   30,497
Effect of dilutive securities:      
 Preferred stock  760   760
 Stock options  482   729
Weighted average number of common shares, diluted  32,164   31,986
Basic Earnings per common share:$ 0.37 $ 0.50
Diluted Earnings per common share:$ 0.36 $ 0.48

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 566,000 and 660,000 stock options for the three months ended fiscal June 30, 2012 and June 25, 2011, respectively. 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.