Note C - Income Per Share

12 Months Ended

Mar. 27, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE C - 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 fiscal years ended March 27, 2022 and March 28, 2021, respectively:

	Net Income				Shares				Net income per share
	2022		2021		2022		2021		2022		2021
Basic EPS
Basic calculation	$	13,596	$	11,075		4,115,000		4,116,000	$	3.30	$	2.69
Effect of dilutive employee stock options		-		-		-		-		-		-
Diluted EPS
Diluted calculation	$	13,596	$	11,075		4,115,000		4,116,000	$	3.30	$	2.69

Options to purchase 20,000 shares of common stock for the fiscal year ended March 27, 2022 were excluded in the computation of diluted earnings per share because the exercise price exceeded the average market price.

Options to purchase 10,000 shares of common stock for the fiscal year ended March 28, 2021 were excluded from the computation of diluted earnings per share because the exercise price exceeded the average market price.