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Net Income Per Share
 3 Months Ended
Jun. 25, 2016
Net Income Per Share [Abstract]  
Net Income Per Share

11.   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 awards (including restricted stock units and market stock units).



The following table details the calculation of basic and diluted earnings per share for the three months ended June 25, 2016 and June 27, 2015 (in thousands, except per share amounts):







 

 

 

 

 



 

 

 

 

 



Three Months Ended



June 25,

 

June 27,



2016

 

2015

Numerator:

 

 

 

 

 

Net income

$

 15,864 

 

$

 33,354 

Denominator:

 

 

 

 

 

Weighted average shares outstanding

 

 62,450 

 

 

 63,274 

Effect of dilutive securities

 

 2,782 

 

 

 3,136 

Weighted average diluted shares

 

 65,232 

 

 

 66,410 

Basic earnings per share

$

 0.25 

 

$

 0.53 

Diluted earnings per share

$

 0.24 

 

$

 0.50 



The weighted outstanding shares excluded from our diluted calculation for the three months ended June 25, 2016 and June 27, 2015 were 618 thousand and 275 thousand, respectively, as the shares were anti-dilutive.