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Net Income Per Share
 6 Months Ended
Sep. 28, 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 shares 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 and six months ended September 28, 2013 and September 29, 2012 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

September 28,
2013

 

September 29,
2012

 

September 28,
2013

 

September 29,
2012

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income

$
33,367 

 

$
35,449 

 

$
54,009 

 

$
42,376 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 
63,217 

 

 
64,924 

 

 
63,329 

 

 
64,697 

Effect of dilutive securities

 
2,908 

 

 
4,283 

 

 
2,874 

 

 
4,223 

Weighted average diluted shares

 
66,125 

 

 
69,207 

 

 
66,203 

 

 
68,920 

Basic earnings per share

$
0.53 

 

$
0.55 

 

$
0.85 

 

$
0.65 

Diluted earnings per share

$
0.50 

 

$
0.51 

 

$
0.82 

 

$
0.61 

 

The weighted outstanding options excluded from our diluted calculation for the three and six months ended September 28, 2013, were 991,000,  and 986,000, respectively.  The weighted outstanding options excluded from our diluted calculation for the three and six months ended September 29, 2012, were 2,000 and 4,000, respectively.  These options were excluded as the exercise price exceeded the average market price during the periods.