Note 7 - Earnings Per Share

9 Months Ended

Nov. 26, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

7.  EARNINGS PER SHARE

Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the potentially dilutive securities outstanding during the period. Stock options are the only potentially dilutive securities; and the number of dilutive options is computed using the treasury stock method.

The following table sets forth the calculation of basic and diluted earnings per share:

	13 Weeks Ended				39 Weeks Ended
	November 26, 2023		November 27, 2022		November 26, 2023		November 27, 2022
Net earnings	$	1,203	$	2,230	$	4,803	$	6,025
Weighted average common shares outstanding for basic EPS		20,250		20,471		20,323		20,463
Net effect of dilutive options		105		39		83		43
Weighted average shares outstanding for diluted EPS		20,355		20,510		20,406		20,506
Basic earnings per share	$	0.06	$	0.11	$	0.24	$	0.29
Diluted earnings per share	$	0.06	$	0.11	$	0.24	$	0.29

Potentially dilutive securities, which were not included in the computation of diluted earnings per share, because either the effect would have been anti-dilutive or the options’ exercise prices were greater than the average market price of the common stock, were 72,000 and 595,000 for the 13 weeks ended November 26, 2023 and November 27, 2022, respectively, and 126,000 and 498,000 for the 39 weeks ended November 26, 2023 and November 27, 2022, respectively.