Net Income Per Share

6 Months Ended

Sep. 28, 2019

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 units.

The following table details the calculation of basic and diluted earnings per share for the three and six months ended September 28, 2019 and September 29, 2018 (in thousands, except per share amounts):

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	Three Months Ended						Six Months Ended
	September 28,		September 29,		September 28,		September 29,
	2019		2018		2019		2018
Numerator:
Net income	$	76,210	$	58,173	$	80,828	$	53,901
Denominator:
Weighted average shares outstanding	58,011		60,472		58,276		60,967
Effect of dilutive securities	2,202		1,959		1,984		1,843
Weighted average diluted shares	60,213		62,431		60,260		62,810
Basic earnings per share	$	1.31	$	0.96	$	1.39	$	0.88
Diluted earnings per share	$	1.27	$	0.93	$	1.34	$	0.86

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 28, 2019, were 455 thousand and 615 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 29, 2018, were 609 thousand and 1,277 thousand, respectively, as the shares were anti-dilutive.