XML 37 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Earnings Per Share
 12 Months Ended
Mar. 26, 2017
Earnings Per Share  
Earnings Per Share

Note 15. Earnings Per Share

 

The Company calculates earnings per share considering ASC No. 260 in regards to 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 are 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts in thousands, except per share amounts

 

Amounts in thousands, except per share amounts

 

2017

 

2016

 

2015

 

Earnings per share – Basic:

 

 

    

    

 

    

 

 

    

 

Net earnings

 

$

1,445

 

$

5,341

 

$

8,634

 

Less: Distributed and undistributed earnings allocated to nonvested stock

 

 

 —

 

 

(15)

 

 

(47)

 

Earnings available to common shareholders – Basic

 

$

1,445

 

$

5,326

 

$

8,587

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

8,313

 

 

8,220

 

 

8,171

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Basic

 

$

0.17

 

$

0.65

 

$

1.05

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – Diluted:

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,445

 

$

5,341

 

$

8,634

 

Less: Distributed and undistributed earnings allocated to nonvested stock

 

 

 —

 

 

(1)

 

 

(19)

 

Earnings available to common shareholders – Diluted

 

$

1,445

 

$

5,340

 

$

8,615

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

8,313

 

 

8,220

 

 

8,171

 

Effect of dilutive options

 

 

27

 

 

 —

 

 

102

 

Weighted average common shares outstanding – Diluted

 

 

8,340

 

 

8,220

 

 

8,273

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share – Diluted

 

$

0.17

 

$

0.65

 

$

1.04

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive equity awards not included above

 

 

60

 

 

100

 

 

—

 

 

There were no stock options with respect to shares of common stock outstanding as of March 29, 2015. At March 26, 2017, and March 27, 2016 stock options with respect to 420,000 and 100,000 shares of common stock were outstanding, respectively. The anti-dilutive stock options outstanding at March 26, 2017 and March 27, 2016 total 60,000 and 100,000, respectively. There were no anti-dilutive Performance Stock Units or Restricted Stock outstanding as of March 26, 2017, March 27, 2016 or March 29, 2015.