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Earnings Per Common Share | 9 Months Ended
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Dec. 26, 2020
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | 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 nine months ended December are as follows:
|  | Quarter Ended |  | Nine Months Ended
|  | December 26, |  | December 28, |  | December 26, |  | December 28,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (Amounts in thousands,
|  | except per share data)
Numerator for earnings per common share calculation: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 6,683 |  | $ | 18,880 |  | $ | 22,516 |  | $ | 61,800
Less: Preferred stock dividends |  |  | (112) |  |  | (112) |  |  | (337) |  |  | (337)
Income available to common shareholders |  | $ | 6,571 |  | $ | 18,768 |  | $ | 22,179 |  | $ | 61,463
Denominator for earnings per common share calculation: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares, basic |  |  | 33,307 |  |  | 33,274 |  |  | 33,296 |  |  | 33,234
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 510 |  |  | 510 |  |  | 510 |  |  | 510
Stock options |  |  | — |  |  | 165 |  |  | 16 |  |  | 196
Restricted stock |  |  | 10 |  |  | 24 |  |  | 18 |  |  | 31
Weighted average common shares, diluted |  |  | 33,827 |  |  | 33,973 |  |  | 33,840 |  |  | 33,971
Basic earnings per common share: |  | $ | 0.20 |  | $ | 0.56 |  | $ | 0.67 |  | $ | 1.85
Diluted earnings per common share: |  | $ | 0.20 |  | $ | 0.56 |  | $ | 0.67 |  | $ | 1.82
The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 672,000 and 519,000 stock options for the quarter and nine months ended December 26, 2020, respectively, and 177,000 and 169,000 stock options for the quarter and nine months ended December 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.

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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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