Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.7.0.1
EARNINGS PER SHARE
6 Months Ended
Jul. 29, 2017
EARNINGS PER SHARE  
EARNINGS PER SHARE

6. 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 the exercise of stock options and restricted stock units. Common equivalent shares are excluded from the computation if their effect is anti-dilutive. There were 6.7 million and 1.4 million anti-dilutive shares during the second quarters of fiscal 2017 and fiscal 2016, respectively. There were 5.9 million and 1.8 million anti-dilutive shares during the six months ended July 29, 2017 and July 30, 2016, 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

 

26 Weeks Ended

 

 

 

July 29,
2017

 

July 29
2016

 

July 29,
2017

 

July 29
2016

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

35,562

 

$

35,617

 

$

107,770

  

$

106,382

 

Less income related to unvested restricted shares

 

 

(150)

 

 

(234)

 

 

(478)

 

 

(707)

 

Income available to common shareholders - Basic

 

$

35,412

 

$

35,383

 

$

107,292

 

$

105,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - Basic

 

 

186,886

 

 

205,881

 

 

187,927

 

 

206,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.19

 

$

0.17

 

$

0.57

 

$

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

35,562

 

$

35,617

 

$

107,770

 

$

106,382

 

Less income related to unvested restricted shares

 

 

(149)

 

 

(232)

 

 

(475)

 

 

(701)

 

Income available to common shareholders - Diluted

 

$

35,413

 

$

35,385

 

$

107,295

 

$

105,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - Basic

 

 

186,886

 

 

205,881

 

 

187,927

 

 

206,437

 

Effect of dilutive stock options and restricted stock units

 

 

1,045

 

 

1,666

 

 

1,244

 

 

1,832

 

Weighted-average common shares outstanding - Diluted

 

 

187,931

 

 

207,547

 

 

189,171

 

 

208,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.19

 

$

0.17

 

$

0.57

 

$

0.51