Net Income Per Common Share

9 Months Ended

Dec. 28, 2019

Earnings Per Share [Abstract]

Net Income Per Common Share

5. Net Income Per Common Share

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding.

Diluted net income per common share is computed by dividing net income by the sum of the weighted-average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options.

The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per common share:

	Three Months Ended				Nine Months Ended
	December 28, 2019		December 29, 2018		December 28, 2019		December 29, 2018
Net income	$	30,515	$	16,178	$	92,284	$	73,756
Denominator for basic net income  per common share—weighted-average shares outstanding		24,699,461		24,457,555		24,595,179		24,308,029
Effect of dilution due to employee stock awards		282,019		343,092		303,456		384,986
Denominator for diluted net income per common share — weighted-average shares outstanding		24,981,480		24,800,647		24,898,635		24,693,015
Basic net income per common share	$	1.24	$	0.66	$	3.75	$	3.03
Diluted net income per common share	$	1.22	$	0.65	$	3.71	$	2.99

At December 28, 2019, 217,470 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. At December 29, 2018, 221,315 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options and restricted shares would be anti-dilutive.