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 2018, 2017 and 2016 (dollars in thousands, except per share amounts):



	Fiscal Year
	2018		2017		2016
Net income	$	61,502	$	37,955	$	28,541
Weighted average shares outstanding:
Basic	9,024,437		8,976,064		8,889,731
Common stock equivalents—treasury stock method	177,269		129,679		156,616
Diluted	9,201,706		9,105,743		9,046,347
Net income per share:
Basic	$	6.82	$	4.23	$	3.21
Diluted	$	6.68	$	4.17	$	3.15

There were 4,116 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the year ended March 31, 2018, 9,766 for the year ended April 1, 2017 and 11,161 for the year ended April 2, 2016.