Net Income Per Share

9 Months Ended

Dec. 28, 2019

Net Income Per ShareBasic 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 nine months ended December 28, 2019 and December 29, 2018 (in thousands, except per share amounts):

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	Three Months Ended						Nine Months Ended
	December 28,		December 29,		December 28,		December 29,
	2019		2018		2019		2018
Numerator:
Net income	$	68,512	$	29,933	$	149,340	$	83,834
Denominator:
Weighted average shares outstanding	58,188		59,511		58,247		60,482
Effect of dilutive securities	2,304		1,272		2,148		1,594
Weighted average diluted shares	60,492		60,783		60,395		62,076
Basic earnings per share	$	1.18	$	0.50	$	2.56	$	1.39
Diluted earnings per share	$	1.13	$	0.49	$	2.47	$	1.35

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 28, 2019, were 124 thousand and 594 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 29, 2018, were 1,398 thousand and 1,668 thousand, respectively, as the shares were anti-dilutive.