Earnings Per Share

3 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 5. 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 (in thousands, except per share amounts):

	Three Months Ended
	June 30, 2013			July 1, 2012
Earnings per share – Basic:
Net earnings	$	4,292		$	4,207
Less: Distributed and undistributed earnings allocated to nonvested stock		(35	)		(48	)
Earnings available to common shareholders – Basic	$	4,257		$	4,159
Weighted average common shares outstanding – Basic		8,069			7,867
Earnings per common share – Basic	$	0.53		$	0.53
Earnings per share – Diluted:
Net earnings	$	4,292		$	4,207
Less: Distributed and undistributed earnings allocated to nonvested stock		(35	)		(47	)
Earnings available to common shareholders – Diluted	$	4,257		$	4,160
Weighted average common shares outstanding – Basic		8,069			7,867
Effect of dilutive options		248			373
Weighted average common shares outstanding – Diluted		8,317			8,240
Earnings per common share – Diluted	$	0.51		$	0.51
Anti-dilutive equity awards not included above		--			--