Net Income Per Share

6 Months Ended

Sep. 23, 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 and six months ended September 23, 2023 and September 24, 2022 (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	September 23,		September 24,		September 23,		September 24,
	2023		2022		2023		2022
Numerator:
Net income	$	75,407	$	87,188	$	91,007	$	126,895
Denominator:
Weighted average shares outstanding	54,503		55,726		54,683		56,002
Effect of dilutive securities	1,775		1,692		1,770		1,618
Weighted average diluted shares	56,278		57,418		56,453		57,620
Basic earnings per share	$	1.38	$	1.56	$	1.66	$	2.27
Diluted earnings per share	$	1.34	$	1.52	$	1.61	$	2.20

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 23, 2023 were 393 thousand and 364 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 24, 2022 were 265 thousand and 288 thousand, respectively, as the shares were anti-dilutive.