Net Income Per Share

9 Months Ended

Dec. 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 nine months ended December 26, 2020 and December 28, 2019 (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	December 26,		December 28,		December 26,		December 28,
	2020		2019		2020		2019
Numerator:
Net income	$	114,368	$	68,512	$	192,063	$	149,340
Denominator:
Weighted average shares outstanding	58,024		58,188		58,176		58,247
Effect of dilutive securities	1,939		2,304		1,925		2,148
Weighted average diluted shares	59,963		60,492		60,101		60,395
Basic earnings per share	$	1.97	$	1.18	$	3.30	$	2.56
Diluted earnings per share	$	1.91	$	1.13	$	3.20	$	2.47

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 26, 2020 were 159 thousand and 350 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 28, 2019 were 124 thousand and 594 thousand, respectively, as the shares were anti-dilutive.