Net Income Per Common Share

9 Months Ended

Dec. 29, 2018

Net income per common share:

Net Income Per Common Share

4. 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 29, 2018		December 30, 2017		December 29, 2018		December 30, 2017
Net income	$	16,178	$	23,832	$	73,756	$	60,464
Denominator for basic net income  per common share—weighted-average shares outstanding		24,457,555		23,985,925		24,308,029		23,912,474
Effect of dilution due to employee stock awards		343,092		460,190		384,986		409,691
Denominator for diluted net income per common share — weighted-average shares outstanding		24,800,647		24,446,115		24,693,015		24,322,165
Basic net income per common share	$	0.66	$	0.99	$	3.03	$	2.53
Diluted net income per common share	$	0.65	$	0.97	$	2.99	$	2.49

At December 29, 2018, 221,315 employee stock options have been excluded from the calculation of diluted earnings per share. At December 30, 2017, no 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.