Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.10.0.1
EARNINGS PER SHARE
9 Months Ended
Nov. 03, 2018
EARNINGS PER SHARE  
EARNINGS PER SHARE

7. 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 8.4 million and 5.8 million anti-dilutive shares during the third quarters of fiscal 2018 and fiscal 2017, respectively. There were 7.1 million and 6.0 million anti-dilutive shares during the nine months ended November 3, 2018 and October 28, 2017, 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

 

39 Weeks Ended

 

 

November 3,

 

October 28,

 

November 3,

 

October 28,

 

 

2018

 

2017

 

2018

 

2017

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

83,769

 

$

79,760

 

$

138,142

  

$

187,530

Less income related to unvested restricted shares

 

 

(138)

 

 

(297)

 

 

(285)

 

 

(789)

Income available to common shareholders - Basic

 

$

83,631

 

$

79,463

 

$

137,857

 

$

186,741

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - Basic

 

 

165,975

 

 

180,710

 

 

174,949

 

 

185,521

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.50

 

$

0.44

 

$

0.79

 

$

1.01

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

83,769

 

$

79,760

 

$

138,142

 

$

187,530

Less income related to unvested restricted shares

 

 

(138)

 

 

(295)

 

 

(284)

 

 

(784)

Income available to common shareholders - Diluted

 

$

83,631

 

$

79,465

 

$

137,858

 

$

186,746

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - Basic

 

 

165,975

 

 

180,710

 

 

174,949

 

 

185,521

Effect of dilutive stock options and restricted stock units

 

 

595

 

 

1,277

 

 

902

 

 

1,254

Weighted-average common shares outstanding - Diluted

 

 

166,570

 

 

181,987

 

 

175,851

 

 

186,775

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.50

 

$

0.44

 

$

0.78

 

$

1.00