Net Income Per Share

3 Months Ended

Jun. 24, 2023

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 24, 2023 and June 25, 2022 (in thousands, except per share amounts):


	Three Months Ended
	June 24,		June 25,
	2023		2022
Numerator:
Net income	$	15,600	$	39,707
Denominator:
Weighted average shares outstanding	54,862		56,277
Effect of dilutive securities	1,769		1,527
Weighted average diluted shares	56,631		57,804
Basic earnings per share	$	0.28	$	0.71
Diluted earnings per share	$	0.28	$	0.69

The weighted outstanding shares excluded from our diluted calculation for the three months ended June 24, 2023 and June 25, 2022 were 347 thousand and 386 thousand, respectively, as the shares were anti-dilutive.