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Net Income Per Share
 3 Months Ended
Jun. 29, 2013
Net Income Per Share [Abstract]  
Net Income Per Share

8.Net Income Per Share

 

Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shared outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock awards.

 

The following table details the calculation of basic and diluted earnings per share for the three months ended June 29, 2013 and June 30, 2013 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

June 29,
2013

 

June 30,
2012

Numerator:

 

 

 

 

 

Net income

$
20,642 

 

$
6,927 

Denominator:

 

 

 

 

 

Weighted average shares outstanding

 
63,363 

 

 
64,470 

Effect of dilutive securities

 
2,825 

 

 
4,059 

Weighted average diluted shares

 
66,188 

 

 
68,529 

Basic earnings per share

$
0.33 

 

$
0.11 

Diluted earnings per share

$
0.31 

 

$
0.10 

 

The weighted outstanding options excluded from our diluted calculation for the three months ended June 29, 2013 and June 30, 2012, were 1,068,000,  and 64,000, respectively, as the exercise price exceeded the average market price during the period.