Earnings Per Share

9 Months Ended

Dec. 26, 2020

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 was completed 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, and the three and nine months ended December 28, 2019, 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 as the time-vested restricted share awards were fully vested and no longer considered participating securities during the period. Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the three and nine months ended December 26, 2020 totaled 0.2 million. There were no antidilutive securities in the three and nine months ended December 28, 2019.

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)	December 26, 2020		December 28, 2019				December 26, 2020			December 28, 2019
Numerator:
Net income	$	21,599	$	17,037			$	51,013		$	52,162
Undistributed earnings allocated to participating securities		—		(44	)			(62	)		(196	)
Net income attributable to the Company's common shareholders	$	21,599	$	16,993			$	50,951		$	51,966
Denominator:
Basic weighted-average shares outstanding		56,702		56,521				56,630			56,457
Dilutive securities		288		267				253			248
Diluted weighted-average shares outstanding		56,990		56,788				56,883			56,705

Basic net income per share	$	0.38	$	0.30			$	0.90		$	0.92
Diluted net income per share	$	0.38	$	0.30			$	0.90		$	0.92