Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.19.1
EARNINGS PER SHARE
3 Months Ended
May 04, 2019
EARNINGS PER SHARE  
EARNINGS PER SHARE

8. EARNINGS PER SHARE

 

The Company’s unvested restricted stock awards contain non-forfeitable rights to dividends and meet the criteria of a participating security as defined by ASC 260, “Earnings Per Share”. In applying the two-class method, net income is allocated to both common and participating securities based on their respective weighted-average shares outstanding for the period. Basic earnings per share is computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average common shares outstanding plus the potential dilutive impact from stock options and restricted stock units. Common equivalent shares are excluded from the computation if their effect is anti-dilutive. There were 11.1 million and 5.7 million anti-dilutive shares during the first quarters of fiscal 2019 and fiscal 2018, respectively.

 

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

 

May 4,

 

May 5,

 

 

2019

 

2018

Basic earnings per common share:

 

 

 

 

 

 

Net income

 

$

37,691

  

$

26,885

Less income related to unvested restricted shares

 

 

(39)

 

 

(67)

Income available to common shareholders - Basic

 

$

37,652

 

$

26,818

 

 

 

 

 

 

 

Weighted-average common shares outstanding - Basic

 

 

157,749

 

 

181,523

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.24

 

$

0.15

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

Net income

 

$

37,691

 

$

26,885

Less income related to unvested restricted shares

 

 

(39)

 

 

(66)

Income available to common shareholders - Diluted

 

$

37,652

 

$

26,819

 

 

 

 

 

 

 

Weighted-average common shares outstanding - Basic

 

 

157,749

 

 

181,523

Effect of dilutive stock options and restricted stock units

 

 

112

 

 

1,129

Weighted-average common shares outstanding - Diluted

 

 

157,861

 

 

182,652

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.24

 

$

0.15