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Earnings Per Share
 9 Months Ended
Dec. 28, 2013
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 deducting 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
   2013  2012  2013  2012
  (Dollars in thousands,
  except per share data)
Numerator for earnings per common share calculation:           
Net Income$ 15,329 $ 11,255 $ 42,550 $ 34,440
Preferred stock dividends  (83)   (152)   (250)   (304)
Income available to common stockholders$ 15,246 $ 11,103 $ 42,300 $ 34,136
             
Denominator for earnings per common share calculation:           
Weighted average common shares, basic  31,417   31,116   31,369   31,020
Effect of dilutive securities:            
 Preferred stock  760   760   760   760
 Stock options  456   364   438   507
Weighted average common shares, diluted  32,633   32,240   32,567   32,287
Basic Earnings per common share:$ .49 $ .36 $ 1.35 $ 1.10
Diluted Earnings per common share:$ .47 $ .35 $ 1.31 $ 1.07

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 86,000 and 98,000 stock options for the three and nine months ended fiscal December 28, 2013, respectively, and 1,034,000 and 967,000 stock options for the three and nine months ended December 29, 2012, respectively. Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of our Common Stock for those periods, resulting in an anti-dilutive effect on diluted EPS.