Earnings Per Share

6 Months Ended

Sep. 27, 2015

Note 7. Earnings Per Share

The Company calculates earnings per share considering the Accounting Standard Codification No. 260 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, except per share amounts	September 27, 2015		September 28, 2014		September 27, 2015		September 28, 2014
Earnings per share – Basic:
Net earnings	$	2,748	$	3,514	$	4,444	$	7,185
Less: Distributed and undistributed earnings allocated to nonvested stock		(7)		(19)		(12)		(39)
Earnings available to common shareholders – Basic	$	2,741	$	3,495	$	4,432	$	7,146

Weighted average common shares outstanding – Basic		8,238		8,279		8,219		8,252

Earnings per common share – Basic	$	0.33	$	0.42	$	0.54	$	0.87

Earnings per share – Diluted:
Net earnings	$	2,748	$	3,514	$	4,444	$	7,185
Less: Distributed and undistributed earnings allocated to nonvested stock		(7)		(19)		(8)		(29)
Earnings available to common shareholders – Diluted	$	2,741	$	3,495	$	4,436	$	7,156

Weighted average common shares outstanding – Basic		8,238		8,279		8,219		8,252
Effect of dilutive options		32		106		41		106
Weighted average common shares outstanding – Diluted		8,270		8,385		8,260		8,358

Earnings per common share – Diluted	$	0.33	$	0.42	$	0.54	$	0.86

Anti-dilutive equity awards not included above		80,000		—		80,000		—