Net Income Per Share

9 Months Ended

Dec. 24, 2022

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 nine months ended December 24, 2022 and December 25, 2021 (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	December 24,		December 25,		December 24,		December 25,
	2022		2021		2022		2021
Numerator:
Net income	$	103,477	$	127,636	$	230,372	$	229,941
Denominator:
Weighted average shares outstanding	55,239		57,178		55,748		57,374
Effect of dilutive securities	1,344		1,853		1,532		1,943
Weighted average diluted shares	56,583		59,031		57,280		59,317
Basic earnings per share	$	1.87	$	2.23	$	4.13	$	4.01
Diluted earnings per share	$	1.83	$	2.16	$	4.02	$	3.88

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 24, 2022 were 273 thousand and 253 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 25, 2021 were 102 thousand and 97 thousand, respectively, as the shares were anti-dilutive.