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Earnings Per Share
 12 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Note 13. 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
 
 
2013
 
 
2012
 
 
2011
 
Earnings per share – Basic:
 
 
 
 
 
 
 
 
 
Net earnings                                                                                 
 
$
17,794
 
 
$
16,437
 
 
$
10,018
 
Less: Distributed and undistributed earnings allocated to nonvested stock                                                                                 
 
 
(200
)
 
 
(239
)
 
 
(180
)
Earnings available to common shareholders – Basic
 
$
17,594
 
 
$
16,198
 
 
$
9,838
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding – Basic
 
 
7,929
 
 
 
7,639
 
 
 
7,394
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share – Basic                                                                                 
 
$
2.22
 
 
$
2.12
 
 
$
1.33
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share – Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings                                                                                 
 
$
17,794
 
 
$
16,437
 
 
$
10,018
 
Less: Distributed and undistributed earnings allocated to nonvested stock                                                                                 
 
 
(197
)
 
 
(231
)
 
 
(174
)
Earnings available to common shareholders – Diluted
 
$
17,597
 
 
$
16,206
 
 
$
9,844
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding – Basic
 
 
7,929
 
 
 
7,639
 
 
 
7,394
 
Effect of dilutive options                                                                                 
 
 
271
 
 
 
356
 
 
 
362
 
Weighted average common shares outstanding – Diluted
 
 
8,200
 
 
 
7,995
 
 
 
7,756
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share – Diluted                                                                                 
 
$
2.15
 
 
$
2.03
 
 
$
1.27
 

As of March 31, 2013 and April 1, 2012, there were no stock options with respect to shares of common stock 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. 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.