Net Income Per Share

6 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

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 28, 2024 and September 23, 2023 (in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 28,		September 23,		September 28,		September 23,
	2024		2023		2024		2023
Numerator:
Net income	$	102,140	$	75,407	$	144,235	$	91,007
Denominator:
Weighted average shares outstanding	53,275		54,503		53,354		54,683
Effect of dilutive securities	2,525		1,775		2,399		1,770
Weighted average diluted shares	55,800		56,278		55,753		56,453
Basic earnings per share	$	1.92	$	1.38	$	2.70	$	1.66
Diluted earnings per share	$	1.83	$	1.34	$	2.59	$	1.61

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 28, 2024 were 8 thousand and 229 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 23, 2023 were 393 thousand and 364 thousand, respectively, as the shares were anti-dilutive.