Earnings Per Common Share

6 Months Ended

Sep. 28, 2019

Earnings Per Common Share [Abstract]

Note 3 – Earnings per Common Share

Basic earnings per common share amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted earnings per common share amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding.

The following is a reconciliation of basic and diluted earnings per common share for the respective periods:



	Quarter Ended				Six Months Ended
	Fiscal September				Fiscal September
	2019		2018		2019		2018
	(Amounts in thousands,
	except per share data)
Numerator for earnings per common share calculation:
Net income	$	20,314	$	21,761	$	42,920	$	42,405
Less: Preferred stock dividends		(112)		(102)		(224)		(204)
Income available to common shareholders	$	20,202	$	21,659	$	42,696	$	42,201
Denominator for earnings per common share calculation:
Weighted average common shares, basic		33,244		32,911		33,214		32,882
Effect of dilutive securities:
Preferred stock		510		510		510		510
Stock options		196		191		213		126
Restricted stock		29		28		34		28
Weighted average common shares, diluted		33,979		33,640		33,971		33,546
Basic earnings per common share:	$	0.61	$	0.66	$	1.29	$	1.28
Diluted earnings per common share:	$	0.60	$	0.65	$	1.26	$	1.26

The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 164,000 and 125,000 stock options for the quarter and six months ended September 28, 2019, respectively, and 120,000 and 365,000 stock options for the quarter and six months ended September 29, 2018, respectively. Such amounts were excluded as the exercise price of these stock options was greater than the average market value of our common stock for those periods, resulting in an anti-dilutive effect on diluted earnings per common share.