Net Income Per Common Share

6 Months Ended

Sep. 30, 2017

Net income per common share:

Net Income Per Common Share

2. 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				Six Months Ended
	September 30, 2017		October 1, 2016		September 30, 2017		October 1, 2016
Net income	$	14,823	$	18,228	$	36,632	$	36,268
Denominator for basic net income per common share—weighted-average shares outstanding		23,946,360		23,470,650		23,875,749		23,395,614
Effect of dilution due to employee stock awards		363,233		242,067		374,991		274,386
Denominator for diluted net income per common share — weighted-average shares outstanding		24,309,593		23,712,717		24,250,740		23,670,000
Basic net income per common share	$	0.62	$	0.78	$	1.53	$	1.55
Diluted net income per common share	$	0.61	$	0.77	$	1.51	$	1.53

At September 30, 2017, 171,500 employee stock options have been excluded from the calculation of diluted earnings per share. At October 1, 2016, 400,750 employee stock options have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options would be anti-dilutive.