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Earnings Per Share
 12 Months Ended
Apr. 02, 2022
Earnings Per Share [Abstract]  
Earnings Per Share
13.
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-vesting and performance-vesting 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 treasury stock method. During fiscal years 2021, and 2020, the two-class method was more dilutive. The two-class method was not applicable to the computation for fiscal 2022 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:

 

 

Year Ended

 

(Dollars and shares in thousands, except per share data)

 

April 2,
2022

 

 

April 3,
2021

 

 

March 28,
2020

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

248,044

 

 

$

84,899

 

 

$

58,160

 

Undistributed earnings allocated to participating securities

 

 

—

 

 

 

(77

)

 

 

(170

)

Net income attributable to the Company's common shareholders

 

$

248,044

 

 

$

84,822

 

 

$

57,990

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

56,816

 

 

 

56,648

 

 

 

56,516

 

Dilutive securities

 

 

490

 

 

 

325

 

 

 

246

 

Diluted weighted average shares outstanding

 

 

57,306

 

 

 

56,973

 

 

 

56,762

 

Basic net income per share:

 

$

4.37

 

 

$

1.50

 

 

$

1.03

 

Diluted net income per share:

 

$

4.33

 

 

$

1.49

 

 

$

1.02

 

Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the periods presented are shown below:

Type of security (in thousands)

 

April 2,
2022

 

 

April 3,
2021

 

Options

 

$

253

 

 

$

62

 

Restricted Share Units

 

 

86

 

 

 

81

 

Performance Share Units

 

 

151

 

 

 

182

 

Total dilutive securities

 

$

490

 

 

$

325