Earnings Per Common Share

9 Months Ended

Dec. 24, 2022

Earnings Per Common Share [Abstract]

Note 3 – 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 outstanding adjusted to give effect to potentially dilutive securities.



Earnings per Common Share	Three Months Ended				Nine Months Ended
(thousands, except per share data)	December 24, 2022		December 25, 2021		December 24, 2022		December 25, 2021
Numerator for earnings per common share calculation:
Net income	$	13,034	$	16,287	$	38,639	$	52,953
Less: Preferred stock dividends		(129)		(120)		(386)		(350)
Income available to common shareholders	$	12,905	$	16,167	$	38,253	$	52,603
Denominator for earnings per common share calculation:
Weighted average common shares - basic		31,470		33,542		32,386		33,521
Effect of dilutive securities:
Preferred stock		460		460		460		460
Stock based awards		55		54		44		55
Weighted average common shares - diluted		31,985		34,056		32,890		34,036

Basic earnings per common share	$	0.41	$	0.48	$	1.18	$	1.57
Diluted earnings per common share	$	0.41	$	0.48	$	1.17	$	1.56

Weighted average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share.