Note 8 - Income Per Share

9 Months Ended

Dec. 23, 2012

Earnings Per Share [Text Block]

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 unvested restricted stock, 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 thirty-nine-week periods ended December 23, 2012 and December 25, 2011, respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2012		2011		2012		2011		2012			2011
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	1,062	$	1,211		4,414		4,964	$	0.24		$	0.24
Effect of dilutive employee stock options and unvested restricted stock		-		-		198		149		(0.01	)		-
Diluted EPS
Diluted calculation	$	1,062	$	1,211		4,612		5,113	$	0.23		$	0.24

Thirty-nine weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2012		2011		2012		2011		2012			2011
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	5,913	$	5,076		4,396		5,022	$	1.35		$	1.01
Effect of dilutive employee stock options and unvested restricted stock		-		-		186		137		(0.06	)		(0.03	)
Diluted EPS
Diluted calculation	$	5,913	$	5,076		4,582		5,159	$	1.29		$	0.98

There were no options to purchase shares of common stock for the thirteen and thirty-nine week periods ended December 23, 2012 and December 25, 2011 that were excluded from the computation of diluted earnings per share.