Net Income Per Share

9 Months Ended

Dec. 27, 2014

Net Income Per Share [Abstract]

Net Income Per Share

12.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 nine months ended December 27, 2014 and December 28, 2013 (in thousands, except per share amounts):

	Three Months Ended				Nine Months Ended
	December 27,		December 28,		December 27,		December 28,
	2014		2013		2014		2013
Numerator:
Net income	$	22,729	$	41,500	$	33,829	$	95,509
Denominator:
Weighted average shares outstanding		62,885		62,854		62,386		63,170
Effect of dilutive securities		2,329		2,514		2,638		2,724
Weighted average diluted shares		65,214		65,368		65,024		65,894
Basic earnings per share	$	0.36	$	0.66	$	0.54	$	1.51
Diluted earnings per share	$	0.35	$	0.63	$	0.52	$	1.45

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 27, 2014 were 911 thousand and 715 thousand, respectively, as the shares were anti-dilutive.  The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 28, 2013 were approximately 1.2million and 1.3million, respectively.