Net Income Per Share

6 Months Ended

Sep. 26, 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 and six months ended September 26, 2020 and September 28, 2019 (in thousands, except per share amounts):

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	Three Months Ended				Six Months Ended
	September 26,		September 28,		September 26,		September 28,
	2020		2019		2020		2019
Numerator:
Net income	$	59,486	$	76,210	$	77,695	$	80,828
Denominator:
Weighted average shares outstanding	58,191		58,011		58,252		58,276
Effect of dilutive securities	1,936		2,202		1,951		1,984
Weighted average diluted shares	60,127		60,213		60,203		60,260
Basic earnings per share	$	1.02	$	1.31	$	1.33	$	1.39
Diluted earnings per share	$	0.99	$	1.27	$	1.29	$	1.34

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 26, 2020 were 247 thousand and 226 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 28, 2019 were 455 thousand and 615 thousand, respectively, as the shares were anti-dilutive.