Net Income Per Share and Weighted Average Shares

9 Months Ended

May 01, 2020

Net Income Per Share and Weighted Average Shares [Abstract]

Net Income Per Share and Weighted Average Shares

12. Net Income Per Share and Weighted Average Shares

Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period.  Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue shares of common stock were exercised or converted into shares of common stock and is based upon the weighted average number of shares of common stock and common equivalent shares outstanding during the reporting period. Common equivalent shares related to nonvested stock awards and units issued by the Company are calculated using the treasury stock method.  The outstanding nonvested stock awards and units issued by the Company represent the only dilutive effects on diluted consolidated net income per share.

The following table reconciles the components of diluted earnings per share computations:

	Quarter Ended					Nine Months Ended
	May 1, 2020			May 3, 2019		May 1, 2020			May 3, 2019
Net income (loss) per share numerator	$	(161,932	)	$	50,414	$	(57,541	)	$	158,376
Net income (loss) per share denominator:
Weighted average shares		23,777,916			24,041,673		23,922,360			24,034,878
Add potential dilution:
Nonvested stock awards and units		—			62,759		—			55,748
Diluted weighted average shares		23,777,916			24,104,432		23,922,360			24,090,626