Note D - Income Per Share

9 Months Ended

Dec. 25, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE D – INCOME PER SHARE

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen and thirty-nine week periods ended December 25, 2022 and December 26, 2021, respectively.

Thirteen weeks
																		Net Income
		Net Income								Number of Shares								Per Share
		2022				2021				2022				2021				2022				2021
		(in thousands)								(in thousands)
Basic EPS
Basic calculation		$	3,263			$	2,130				4,080				4,115			$	0.80			$	0.52
Effect of dilutive employee stock options			-				-				36				-				(0.01	)			-
Diluted EPS
Diluted calculation		$	3,263			$	2,130				4,116				4,115			$	0.79			$	0.52

Thirty-nine weeks
																		Net Income
		Net Income								Number of Shares								Per Share
		2022				2021				2022				2021				2022				2021
		(in thousands)								(in thousands)
Basic EPS
Basic calculation		$	16,358			$	11,438				4,092				4,115			$	4.00			$	2.78
Effect of dilutive employee stock options			-				-				12				-				(0.01	)			-
Diluted EPS
Diluted calculation		$	16,358			$	11,438				4,104				4,115			$	3.99			$	2.78

Options to purchase 20,000 shares of common stock in the thirteen and thirty-nine week periods ended December 25, 2022 and December 26, 2021, were not included in the computation of diluted EPS because the exercise price exceeded the average market price of common shares during the period.