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Earnings Per Common Share | 3 Months Ended
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Jun. 26, 2021
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | Note 4 – Earnings per Common Share Basic earnings per common share amounts are calculated 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.
Earnings per Common Share |  | Three Months Ended
(thousands, except per share data) |  | June 26, 2021 |  | June 27, 2020
Numerator for earnings per common share calculation: |  |  |  |  |  |
Net income |  | $ | 15,681 |  | $ | 2,987
Less: Preferred stock dividends |  |  | (110) |  |  | (112)
Income available to common shareholders |  | $ | 15,571 |  | $ | 2,875
Denominator for earnings per common share calculation: |  |  |  |  |  |
Weighted average common shares - basic |  |  | 33,498 |  |  | 33,285
Effect of dilutive securities: |  |  |  |  |  |
Preferred stock |  |  | 460 |  |  | 510
Stock options |  |  | 31 |  |  | 31
Restricted stock |  |  | 33 |  |  | 28
Weighted average common shares - diluted |  |  | 34,022 |  |  | 33,854
Basic earnings per common share |  | $ | 0.46 |  | $ | 0.09
Diluted earnings per common share |  | $ | 0.46 |  | $ | 0.09
The calculation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 203,000 and 585,000 stock options for the three months ended June 26, 2021 and June 27, 2020, 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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