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Net Income Per Share
 9 Months Ended
Dec. 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 nine months ended December 26, 2015 and December 27, 2014 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

December 26,

 

December 27,

 

December 26,

 

December 27,

 

2015

 

2014

 

2015

 

2014

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income

$

 41,384 

 

$

 22,729 

 

$

 109,618 

 

$

 33,829 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 63,328 

 

 

 62,885 

 

 

 63,316 

 

 

 62,386 

Effect of dilutive securities

 

 2,433 

 

 

 2,329 

 

 

 2,868 

 

 

 2,638 

Weighted average diluted shares

 

 65,761 

 

 

 65,214 

 

 

 66,184 

 

 

 65,024 

Basic earnings per share

$

 0.65 

 

$

 0.36 

 

$

 1.73 

 

$

 0.54 

Diluted earnings per share

$

 0.63 

 

$

 0.35 

 

$

 1.66 

 

$

 0.52 

 

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 26,  2015 were 563 thousand and 374 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 27, 2014 were 911 thousand and 715 thousand, respectively, as the shares were anti-dilutive.