Earnings Per Share

3 Months Ended

Jun. 29, 2019

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



	Three Months Ended
	June 29, 2019		June 30, 2018
Net income	$	21,282	$	19,691
Weighted average shares outstanding:
Basic	9,102,685		9,048,579
Effect of dilutive securities	114,914		218,469
Diluted	9,217,599		9,267,048
Net income per share:
Basic	$	2.34	$	2.18
Diluted	$	2.31	$	2.12

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended June 29, 2019 and June 30, 2018 were 60,600 and 1,268, respectively. In addition, 7,600 outstanding restricted share awards were excluded from the calculation of diluted earnings per share for the three months ended June 29, 2019 because the underlying vesting criteria had not yet been met.