Net Income Per Share

9 Months Ended

Dec. 30, 2023

Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants.

The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 30, 2023 and December 24, 2022 (in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	December 30,		December 24,		December 30,		December 24,
	2023		2022		2023		2022
Numerator:
Net income	$	138,723	$	103,477	$	229,730	$	230,372
Denominator:
Weighted average shares outstanding	54,016		55,239		54,449		55,748
Effect of dilutive securities	1,576		1,344		1,711		1,532
Weighted average diluted shares	55,592		56,583		56,160		57,280
Basic earnings per share	$	2.57	$	1.87	$	4.22	$	4.13
Diluted earnings per share	$	2.50	$	1.83	$	4.09	$	4.02

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 30, 2023 were 388 thousand and 394 thousand, respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 24, 2022 were 273 thousand and 253 thousand, respectively, as the shares were anti-dilutive.