Earnings Per Share

9 Months Ended

Dec. 27, 2015

Note 8. 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				Nine Months Ended
Amounts in thousands, except per share amounts	December 27, 2015		December 28, 2014		December 27, 2015		December 28, 2014
Earnings per share – Basic:
Net earnings	$	2,887	$	1,681	$	7,330	$	8,866
Less: Distributed and undistributed earnings allocated to nonvested stock		(8)		(9)		(20)		(48)
Earnings available to common shareholders – Basic	$	2,879	$	1,672	$	7,310	$	8,818

Weighted average common shares outstanding – Basic		8,245		8,212		8,228		8,238

Earnings per common share – Basic	$	0.35	$	0.20	$	0.89	$	1.07

Earnings per share – Diluted:
Net earnings	$	2,887	$	1,681	$	7,330	$	8,866
Less: Distributed and undistributed earnings allocated to nonvested stock		(8)		(9)		(11)		(29)
Earnings available to common shareholders – Diluted	$	2,879	$	1,672	$	7,319	$	8,837

Weighted average common shares outstanding – Basic		8,245		8,212		8,228		8,238
Effect of dilutive options		37		113		35		101
Weighted average common shares outstanding – Diluted		8,282		8,325		8,263		8,339

Earnings per common share – Diluted	$	0.35	$	0.20	$	0.89	$	1.06

Anti-dilutive equity awards not included above		100,000		—		100,000		—