Earnings Per Share

12 Months Ended

Apr. 02, 2016

17. Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2016, 2015 and 2014 (dollars in thousands, except per share amounts):



	Fiscal Year
	2016		2015		2014
Net income attributable to Cavco common stockholders	$	28,541	$	23,817	$	16,238
Weighted average shares outstanding:
Basic	8,889,731		8,854,359		8,262,688
Common stock equivalents—treasury stock method	156,616		161,420		116,336
Diluted	9,046,347		9,015,779		8,379,024
Net income per share attributable to Cavco common stockholders:
Basic	$	3.21	$	2.69	$	1.97
Diluted	$	3.15	$	2.64	$	1.94

There were 11,161 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the year ended April 2, 2016, 2,669 for the year ended March 28, 2015 and none for the year ended March 29, 2014.