Net Income Per Share

6 Months Ended

Sep. 24, 2022

Earnings Per Share [Abstract]

Net Income Per Share

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 grants.

The following table details the calculation of basic and diluted earnings per share for the three and six months ended September 24, 2022 and September 25, 2021 (in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 24,		September 25,		September 24,		September 25,
	2022		2021		2022		2021
Numerator:
Net income	$	87,188	$	85,096	$	126,895	$	102,305
Denominator:
Weighted average shares outstanding	55,726		57,364		56,002		57,473
Effect of dilutive securities	1,692		2,087		1,618		2,012
Weighted average diluted shares	57,418		59,451		57,620		59,485
Basic earnings per share	$	1.56	$	1.48	$	2.27	$	1.78
Diluted earnings per share	$	1.52	$	1.43	$	2.20	$	1.72

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 24, 2022 were 265 thousand and 288 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 25, 2021 were 95 thousand and 99 thousand, respectively, as the shares were anti-dilutive.