Earnings Per Share

9 Months Ended

Dec. 25, 2016

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. As of December 25, 2016, the Company had no participating securities outstanding and no distributed or undistributed earnings allocated to non-vested stock. As of December 27, 2015, the Company had 36,945 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 and nine months ended December 27, 2015:


	Fiscal Quarter Ended			Nine Months Ended
Amounts in thousands, except per share amounts		December 27, 2015		December 27, 2015
Earnings per share – Basic:
Net earnings		$	2,887	$	7,330
Less: Distributed and undistributed earnings allocated to nonvested stock			(8)		(20)
Earnings available to common shareholders – Basic		$	2,879	$	7,310

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

Earnings per common share – Basic		$	0.35	$	0.89

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

Weighted average common shares outstanding – Basic			8,245		8,228
Effect of dilutive options			37		35
Weighted average common shares outstanding – Diluted			8,282		8,263

Earnings per common share – Diluted		$	0.35	$	0.89

Anti-dilutive equity awards not included above			100		100

At December 25, 2016, stock options with respect to 440,000 shares of common stock were outstanding, of which 350,000 were anti-dilutive. At December 27, 2015, stock options with respect to 100,000 shares of common stock were outstanding, all of which were anti-dilutive. There were no anti-dilutive PSUs or RSUs outstanding as of December 25, 2016 or December 27, 2015 respectively.