Earnings Per Share

12 Months Ended

Apr. 01, 2023

12.

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 restricted share awards are considered participating securities. 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 2021, the two-class method was more dilutive. The two-class method was not applicable to the computation for fiscal 2023 or 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 1, 2023		April 2, 2022		April 3, 2021
Numerator:
Net income	$	401,802	$	248,044	$	84,899
Undistributed earnings allocated to participating securities		—		—		(77	)
Net income attributable to the Company's common shareholders	$	401,802	$	248,044	$	84,822
Denominator:
Basic weighted average shares outstanding		56,987		56,816		56,648
Dilutive securities		408		490		325
Diluted weighted average shares outstanding		57,395		57,306		56,973
Basic net income per share:	$	7.05	$	4.37	$	1.50
Diluted net income per share:	$	7.00	$	4.33	$	1.49

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 1, 2023		April 2, 2022		April 3, 2021
Stock options		13		11		358
Restricted share units		-		20		-
Performance share units		93		20		-
Total dilutive securities		106		51		358