Note D - Income Per Share

6 Months Ended

Sep. 25, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE D – 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 results 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, 2016 and September 27, 2015, respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2016		2015		2016		2015		2016		2015
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	2,507	$	2,847		4,172		4,432	$	0.60	$	0.64
Effect of dilutive employee stock options		-		-		35		17		-		-
Diluted EPS
Diluted calculation	$	2,507	$	2,847		4,207		4,449	$	0.60	$	0.64

Twenty-six weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2016		2015		2016		2015		2016			2015
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	6,057	$	5,157		4,169		4,508	$	1.45		$	1.14
Effect of dilutive employee stock options		-		-		30		27	$	(0.01	)		-
Diluted EPS
Diluted calculation	$	6,057	$	5,157		4,199		4,535	$	1.44		$	1.14

Options to purchase 75,745 shares of common stock in the twenty-six week period ended September 27, 2015 were not included in the computation of diluted EPS because the exercise price exceeded the average market price of common shares during the period.