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Earnings Per Share
 3 Months Ended
Jun. 27, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

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

 

 

Fiscal June

 

 

2015

 

2014

 

 

(Dollars in thousands,

 

 

except per share data)

Numerator for earnings per common share calculation:

 

 

 

 

 

 

Net Income

 

$
18,799 

 

$
16,932 

Preferred stock dividends

 

 
(114)

 

 
(99)

Income available to common stockholders

 

$
18,685 

 

$
16,833 

Denominator for earnings per common share calculation:

 

 

 

 

 

 

Weighted average common shares, basic

 

 
31,855 

 

 
31,516 

Effect of dilutive securities:

 

 

 

 

 

 

Preferred stock

 

 
760 

 

 
760 

Stock options

 

 
493 

 

 
501 

Weighted average number of common shares, diluted

 

 
33,108 

 

 
32,777 

Basic Earnings per common share:

 

$
0.59 

 

$
0.53 

Diluted Earnings per common share:

 

$
0.57 

 

$
0.52 

 

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 109,000 and 57,000 stock options for the three months ended fiscal June 27, 2015 and June 28, 2014, 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.