Earnings Per Share

3 Months Ended

Jun. 26, 2016

Note 9. 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. As of June 26, 2016 the company had no participating securities outstanding and no distributed or undistributed earnings allocated to nonvested stock. As of June 28, 2015, the company had 68,900 shares that qualified as participating securities. As such, the following table presents the calculation of basic and diluted earnings per common share for the fiscal quarter ended June 28, 2015:


	Fiscal Quarter Ended
Amounts in thousands, except per share amounts		June 28, 2015
Earnings per share – Basic:
Net earnings		$	1,695
Less: Distributed and undistributed earnings allocated to nonvested stock			(4)
Earnings available to common shareholders – Basic		$	1,691

Weighted average common shares outstanding – Basic			8,200

Earnings per common share – Basic		$	0.21

Earnings per share – Diluted:
Net earnings		$	1,695
Less: Distributed and undistributed earnings allocated to nonvested stock			(4)
Earnings available to common shareholders – Diluted		$	1,691

Weighted average common shares outstanding – Basic			8,200
Effect of dilutive options			69
Weighted average common shares outstanding – Diluted			8,269

Earnings per common share – Diluted		$	0.20

Anti-dilutive equity awards not included above			—

There were no stock options with respect to shares of common stock outstanding as of June 28, 2015. At June 26, 2016, stock options with respect to 80,000 shares of common stock were outstanding, all of which were anti-dilutive. There were no anti-dilutive PSUs or RSUs outstanding as of June 26, 2016.