Net Income Per Common Share

3 Months Ended

Jun. 30, 2018

Net income per common share:

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
	June 30,   2018	July 1,   2017
Net income	$27,467	$21,809
Denominator for basic net income  per common share—weighted-average shares outstanding	24,140,778	23,805,138
Effect of dilution due to employee stock awards	402,811	384,237
Denominator for diluted net income per common share — weighted-average shares outstanding	24,543,589	24,189,375
Basic net income per common share	$   1.14	$   0.92
Diluted net income per common share	$   1.12	$   0.90

At June 30, 2018, 87,540 employee stock options and 204,175 restricted shares have been excluded from the calculation of diluted earnings per share. At July 1, 2017, 221,500 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.