Earnings Per Share

6 Months Ended

Oct. 02, 2021

11. Earnings Per Share

Basic net income per share (“EPS”) attributable to the Company was computed by dividing net income attributable to the Company by the average number of common shares outstanding during the period. Certain of the Company’s time-based restricted share awards were considered participating securities prior to the completion of the vesting period. The vesting for these time-based shares occurred in the second quarter of fiscal 2021. Diluted earnings per common share is computed based on the more dilutive of: (i) the two class method, assuming the participating securities are not exercised or converted; or (ii) the summation of average common shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued. During the three and six months ended September 26, 2020, the two-class method was more dilutive.

The following table sets forth the computation of basic and diluted earnings per common share:


	Three months ended					Six months ended
(Dollars and shares in thousands, except per share data)	October 2, 2021		September 26, 2020				October 2, 2021		September 26, 2020
Numerator:
Net income	$	50,723	$	17,511			$	93,624	$	29,414
Undistributed earnings allocated to participating securities		—		(19	)			—		(53	)
Net income attributable to the Company's common shareholders	$	50,723	$	17,492			$	93,624	$	29,361
Denominator:
Basic weighted-average shares outstanding		56,808		56,654				56,757		56,593
Dilutive securities		400		255				455		238
Diluted weighted-average shares outstanding		57,208		56,909				57,212		56,831

Basic net income per share	$	0.89	$	0.31			$	1.65	$	0.52
Diluted net income per share	$	0.89	$	0.31			$	1.64	$	0.52