Earnings Per Share

9 Months Ended

Jan. 01, 2022

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 nine months ended December 26, 2020, the two-class method was more dilutive. The two-class method was not applicable to the computation for the three months ended December 26,2020, or any subsequent periods, as the time-vested restricted share awards were fully vested and no longer considered participating securities.

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


	Three months ended				Nine months ended
(Dollars and shares in thousands, except per share data)	January 1, 2022		December 26, 2020			January 1, 2022		December 26, 2020
Numerator:
Net income	$	67,622	$	21,599		$	161,246	$	51,013
Undistributed earnings allocated to participating securities		—		—			—		(62	)
Net income attributable to the Company's common shareholders	$	67,622	$	21,599		$	161,246	$	50,951
Denominator:
Basic weighted-average shares outstanding		56,847		56,702			56,787		56,630
Dilutive securities		491		288			498		253
Diluted weighted-average shares outstanding		57,338		56,990			57,285		56,883

Basic net income per share	$	1.19	$	0.38		$	2.84	$	0.90
Diluted net income per share	$	1.18	$	0.38		$	2.81	$	0.90