Net Income Per Share

3 Months Ended

Jun. 27, 2020

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 grants.

The following table details the calculation of basic and diluted earnings per share for the three months ended June 27, 2020 and June 29, 2019 (in thousands, except per share amounts):

໿


	Three Months Ended
	June 27,		June 29,
	2020		2019
Numerator:
Net income	$	18,209	$	4,618
Denominator:
Weighted average shares outstanding	58,313		58,540
Effect of dilutive securities	1,967		1,718
Weighted average diluted shares	60,280		60,258
Basic earnings per share	$	0.31	$	0.08
Diluted earnings per share	$	0.30	$	0.08

The weighted outstanding shares excluded from our diluted calculation for the three months ended June 27, 2020 and June 29, 2019 were 240 thousand and 734 thousand, respectively, as the shares were anti-dilutive.