Earnings Per Common Share

6 Months Ended

Sep. 24, 2022

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 3 – Earnings per Common Share

Basic earnings per common share amounts are calculated by dividing income available to common shareholders, after deducting preferred stock dividends, by the weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities.

Earnings per Common Share	Three Months Ended				Six Months Ended
(thousands, except per share data)	September 24, 2022		September 25, 2021		September 24, 2022		September 25, 2021
Numerator for earnings per common share calculation:
Net income	$	13,121	$	20,985	$	25,605	$	36,666
Less: Preferred stock dividends		(129)		(120)		(258)		(230)
Income available to common shareholders	$	12,992	$	20,865	$	25,347	$	36,436
Denominator for earnings per common share calculation:
Weighted average common shares - basic		32,204		33,523		32,844		33,510
Effect of dilutive securities:
Preferred stock		460		460		460		460
Stock based awards		65		44		45		56
Weighted average common shares - diluted		32,729		34,027		33,349		34,026
Basic earnings per common share	$	0.40	$	0.62	$	0.77	$	1.09
Diluted earnings per common share	$	0.40	$	0.62	$	0.77	$	1.08

Weighted average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share.