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Earnings Per Common Share | 9 Months Ended
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Dec. 28, 2019
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | 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 |  | Nine Months Ended
|  | Fiscal December |  | Fiscal December
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (Amounts in thousands,
|  | except per share data)
Numerator for earnings per common share calculation: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 18,880 |  | $ | 20,531 |  | $ | 61,800 |  | $ | 62,936
Less: Preferred stock dividends |  |  | (112) |  |  | (102) |  |  | (337) |  |  | (306)
Income available to common shareholders |  | $ | 18,768 |  | $ | 20,429 |  | $ | 61,463 |  | $ | 62,630
Denominator for earnings per common share calculation: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares, basic |  |  | 33,274 |  |  | 33,032 |  |  | 33,234 |  |  | 32,932
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 510 |  |  | 510 |  |  | 510 |  |  | 510
Stock options |  |  | 165 |  |  | 195 |  |  | 196 |  |  | 134
Restricted stock |  |  | 24 |  |  | 29 |  |  | 31 |  |  | 29
Weighted average common shares, diluted |  |  | 33,973 |  |  | 33,766 |  |  | 33,971 |  |  | 33,605
Basic earnings per common share: |  | $ | 0.56 |  | $ | 0.62 |  | $ | 1.85 |  | $ | 1.90
Diluted earnings per common share: |  | $ | 0.56 |  | $ | 0.61 |  | $ | 1.82 |  | $ | 1.87
The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 177,000 and 169,000 stock options for the quarter and nine months ended December 28, 2019, respectively, and 120,000 and 274,000 stock options for the quarter and nine months ended December 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.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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