Earnings Per Share

12 Months Ended

Mar. 28, 2020

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 2020, 2019 and 2018 (dollars in thousands, except per share amounts):



	Fiscal Year
	2020		2019		2018
Net income	$	75,066	$	68,622	$	61,502
Weighted average shares outstanding:
Basic	9,129,639		9,080,878		9,024,437
Effect of dilutive securities	139,145		187,859		177,269
Diluted	9,268,784		9,268,737		9,201,706
Net income per share:
Basic	$	8.22	$	7.56	$	6.82
Diluted	$	8.10	$	7.40	$	6.68

There were 23,336 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the year ended March 28, 2020, 13,862 for the year ended March 30, 2019 and 4,116 for the year ended March 31, 2018. In addition, 7,305 outstanding restricted share awards were excluded from the calculation of diluted earnings per share for the year ended March 28, 2020, as the underlying performance criteria had not yet been met.