Note 8 - Income Per Share

6 Months Ended

Sep. 25, 2011

NOTE H – INCOME PER SHARE

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen and twenty-six -week periods ended September 25, 2011 and September 26, 2010, respectively.

Thirteen weeks
	Net Income				Number of Shares				Net Income Per Share
	2011		2010		2011		2010		2011			2010
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	2,269	$	151		5,025		5,573	$	0.45		$	0.03
Effective of dilutive employee stock options		-		-		138		104		(0.01	)		-
Diluted EPS
Diluted calculation	$	2,269	$	151		5,163		5,677	$	0.44		$	0.03

Twenty-six weeks
	Net Income				Number of Shares				Net Income Per Share
	2011		2010		2011		2010		2011			2010
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	3,865	$	1,811		5,051		5,584	$	0.77		$	0.32
Effective of dilutive employee stock options		-		-		131		101		(0.02	)		-
Diluted EPS
Diluted calculation	$	3,865	$	1,811		5,182		5,685	$	0.75		$	0.32

There were no options to purchase shares of common stock in the thirteen and twenty-six –week periods ended September 25, 2011 that were excluded from the computation of diluted EPS. Options to purchase 110,000 shares of common stock in the thirteen and twenty-six -week periods ended September 26, 2010, respectively, were not included in the computation of diluted EPS because the exercise prices exceeded the average market price of common shares during the periods.