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Net Income Per Share
 3 Months Ended
Jun. 28, 2014
Net Income Per Share [Abstract]  
Net Income Per Share

10.   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 months ended June 28, 2014 and June 29, 2013 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

June 28,

 

June 29,

 

2014

 

2013

Numerator:

 

 

 

 

 

Net income

$
10,248 

 

$
20,642 

Denominator:

 

 

 

 

 

Weighted average shares outstanding

 
62,032 

 

 
63,363 

Effect of dilutive securities

 
2,656 

 

 
2,825 

Weighted average diluted shares

 
64,688 

 

 
66,188 

Basic earnings per share

$
0.17 

 

$
0.33 

Diluted earnings per share

$
0.16 

 

$
0.31 

 

The weighted outstanding shares excluded from our diluted calculation for the three months ended June 28, 2014 and June 29, 2013 were 640 thousand and 1,068 thousand, respectively, as the shares were  anti-dilutive.