Net Income Per Share

3 Months Ended

Jun. 26, 2021

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 26, 2021 and June 27, 2020 (in thousands, except per share amounts):


	Three Months Ended
	June 26,		June 27,
	2021		2020
Numerator:
Net income	$	17,209	$	18,209
Denominator:
Weighted average shares outstanding	57,582		58,313
Effect of dilutive securities	1,931		1,967
Weighted average diluted shares	59,513		60,280
Basic earnings per share	$	0.30	$	0.31
Diluted earnings per share	$	0.29	$	0.30

The weighted outstanding shares excluded from our diluted calculation for the three months ended June 26, 2021 and June 27, 2020 were 114 thousand and 240 thousand, respectively, as the shares were anti-dilutive.