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Net Income Per Share
 6 Months Ended
Sep. 26, 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 the tax affected 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 26, 2015 and September 27, 2014 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

September 26,

 

September 27,

 

September 26,

 

September 27,

 

2015

 

2014

 

2015

 

2014

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income

$
34,880 

 

$
852 

 

$
68,234 

 

$
11,100 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 
63,346 

 

 
62,241 

 

 
63,310 

 

 
62,137 

Effect of dilutive securities

 
2,983 

 

 
2,844 

 

 
3,068 

 

 
2,755 

Weighted average diluted shares

 
66,329 

 

 
65,085 

 

 
66,378 

 

 
64,892 

Basic earnings per share

$
0.55 

 

$
0.01 

 

$
1.08 

 

$
0.18 

Diluted earnings per share

$
0.53 

 

$
0.01 

 

$
1.03 

 

$
0.17 

 

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 26,  2015 were 298 thousand and 279 thousand, respectively, as the shares were anti-dilutive.  The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 27, 2014 were 642 thousand and 731 thousand, respectively, as the shares were anti-dilutive.