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Net Income Per Share
 3 Months Ended
Jun. 27, 2015
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 months ended June 27, 2015 and June 28, 2014 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

June 27,

 

June 28,

 

2015

 

2014

Numerator:

 

 

 

 

 

Net income

$
33,354 

 

$
10,248 

Denominator:

 

 

 

 

 

Weighted average shares outstanding

 
63,274 

 

 
62,032 

Effect of dilutive securities

 
3,136 

 

 
2,656 

Weighted average diluted shares

 
66,410 

 

 
64,688 

Basic earnings per share

$
0.53 

 

$
0.17 

Diluted earnings per share

$
0.50 

 

$
0.16 

 

The weighted outstanding shares excluded from our diluted calculation for the three months ended June 27, 2015 and June 28, 2014 were 275 thousand and 640 thousand, respectively, as the shares were anti-dilutive.