Earnings Per Share

9 Months Ended

Dec. 28, 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 per share amounts):



	Three Months Ended				Nine Months Ended
	December 28, 2019		December 29, 2018		December 28, 2019		December 29, 2018
Net income	$	20,898	$	13,384	$	63,065	$	48,651
Weighted average shares outstanding:
Basic	9,138,202		9,097,993		9,120,241		9,075,156
Effect of dilutive securities	155,739		172,227		138,962		207,022
Diluted	9,293,941		9,270,220		9,259,203		9,282,178
Net income per share:
Basic	$	2.29	$	1.47	$	6.91	$	5.36
Diluted	$	2.25	$	1.44	$	6.81	$	5.24

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three and nine months ended December 28, 2019 were 14,482 and 29,971, respectively. In addition, 7,305 outstanding restricted share awards were excluded from the calculation of diluted earnings per share for both the three and nine months ended December 28, 2019, because the underlying performance criteria had not yet been met. For the three and nine months ended December 29, 2018, anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share were 21,894 and 8,115, respectively.