Earnings Per Share

6 Months Ended

Sep. 25, 2011

Note 7. Earnings Per Share

The Company calculates earnings per share considering the FASB standard regarding accounting for participating securities, which requires the Company to use the two-class method to calculate earnings per share. Under the two-class method, earnings per common share is computed by dividing the sum of the distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

The following table presents the calculation of basic and diluted earnings per common share:

	Fiscal Quarter Ended						Six Months Ended
Amounts in thousands, expect per share amounts	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Earnings per share – Basic:
Net earnings	$	3,540		$	3,346		$	8,114		$	5,415
Less: Distributed and undistributed earnings allocated to nonvested stock		(51	)		(60	)		(118	)		(97	)
Earnings available to common shareholders – Basic	$	3,489		$	3,286		$	7,996		$	5,318

Weighted average common shares outstanding – Basic		7,640			7,396			7,609			7,390

Earnings per common share – Basic	$	0.46		$	0.44		$	1.05		$	0.72

Earnings per share – Diluted:
Net earnings	$	3,540		$	3,346		$	8,114		$	5,415
Less: Distributed and undistributed earnings allocated to nonvested stock		(50	)		(58	)		(103	)		(80	)
Earnings available to common shareholders – Diluted	$	3,490		$	3,288		$	8,011		$	5,335

Weighted average common shares outstanding – Basic		7,640			7,396			7,609			7,390
Effect of dilutive options		302			321			298			347
Weighted average common shares outstanding – Diluted		7,942			7,717			7,907			7,737

Earnings per common share – Diluted	$	0.44		$	0.43		$	1.01		$	0.69

Anti-dilutive equity awards not included above		--			--			--			--