Earnings Per Common Share

6 Months Ended

Sep. 26, 2020

Earnings Per Common Share [Abstract]

NOTE 4 – 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 weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents represent shares issuable upon the assumed exercise of common stock options outstanding.

A reconciliation of basic and diluted earnings per common share for the quarters and six months ended September are as follows:



	Quarter Ended				Six Months Ended
	September 26,		September 28,		September 26,		September 28,
	2020		2019		2020		2019
	(Amounts in thousands,
	except per share data)
Numerator for earnings per common share calculation:
Net income	$	12,846	$	20,314	$	15,833	$	42,920
Less: Preferred stock dividends		(112)		(112)		(224)		(224)
Income available to common shareholders	$	12,734	$	20,202	$	15,609	$	42,696
Denominator for earnings per common share calculation:
Weighted average common shares, basic		33,297		33,244		33,291		33,214
Effect of dilutive securities:
Preferred stock		510		510		510		510
Stock options		26		196		28		213
Restricted stock		16		29		22		34
Weighted average common shares, diluted		33,849		33,979		33,851		33,971
Basic earnings per common share:	$	0.38	$	0.61	$	0.47	$	1.29
Diluted earnings per common share:	$	0.38	$	0.60	$	0.47	$	1.26

The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 548,000 and 533,000 stock options for the quarter and six months ended September 26, 2020, respectively, and 164,000 and 125,000 stock options for the quarter and six months ended September 28, 2019, 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.