Earnings Per Share

12 Months Ended

Apr. 01, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 14. 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 are 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:

	Amounts in thousands, except per share amounts
	2012			2011			2010
Earnings per share - Basic:
Net earnings	$	16,437		$	10,018		$	9,139
Less: Distributed and undistributed earnings allocated to nonvested stock		(239	)		(180	)		(196	)
Earnings available to common shareholders - Basic	$	16,198		$	9,838		$	8,943
Weighted average common shares outstanding - Basic		7,639			7,394			7,199
Earnings per common share - Basic	$	2.12		$	1.33		$	1.24
Earnings per share - Diluted:
Net earnings	$	16,437		$	10,018		$	9,139
Less: Distributed and undistributed earnings allocated to nonvested stock		(231	)		(174	)		(189	)
Earnings available to common shareholders - Diluted	$	16,206		$	9,844		$	8,950
Weighted average common shares outstanding - Basic		7,639			7,394			7,199
Effect of dilutive options		356			362			341
Weighted average common shares outstanding - Diluted		7,995			7,756			7,540
Earnings per common share - Diluted	$	2.03		$	1.27		$	1.19

As of April 1, 2012, there were no stock options with respect to shares of common stock outstanding and there, were no anti-dilutive stock options, Performance Stock Units or Restricted Stock then outstanding. As of March 27, 2011, stock options with respect to 135,000 shares of common stock were outstanding. There were no anti-dilutive stock options, Performance Stock Units or Restricted Stock then outstanding. As of March 28, 2010, stock options with respect to 180,000 shares of common stock were outstanding. There were no anti-dilutive stock options, Performance Stock Units or Restricted Stock then outstanding. The remaining stock options, Performance Stock Units and Restricted Stock then outstanding were dilutive and therefore included in the computation of dilutive earnings per share.