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Equity and Earnings Per Share (Notes)
 6 Months Ended
Oct. 28, 2017
Net Earnings (Loss) Per Share
Note 6. Equity and Earnings Per Share
Equity
Share Repurchases
On December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000, in the aggregate, of our outstanding Common Stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. During the 26 weeks ended October 28, 2017, we did not repurchase shares of our common stock. As of October 28, 2017, approximately $26,669 remains available under the stock repurchase program.
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. During the 13 and 26 weeks ended October 28, 2017, average shares of 918 and 506 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. The following is a reconciliation of the basic and diluted loss per share calculation:
 
13 weeks ended
 
26 weeks ended
 
October 28,
2017
 
October 29,
2016
 
October 28,
2017
 
October 29,
2016
Numerator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Net income
$
48,395

 
$
29,289

 
$
13,612

 
$
1,373

Less allocation of earnings to participating securities
(16
)
 
(19
)
 
(4
)
 
(1
)
Net income available to common shareholders
$
48,379

 
$
29,270

 
$
13,608

 
$
1,372

 
 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
 
Net income available to common shareholders
$
48,379

 
$
29,270

 
$
13,608

 
$
1,372

Allocation of earnings to participating securities
16

 
19

 
4

 
1

Less diluted allocation of earnings to participating securities
(16
)
 
(19
)
 
(4
)
 
(1
)
Net income available to common shareholders
$
48,379

 
$
29,270

 
$
13,608

 
$
1,372

 
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Basic weighted average shares of Common Stock
46,705

 
46,170

 
46,611

 
46,259

 
 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Basic weighted average shares of Common Stock
46,705

 
46,170

 
46,611

 
46,259

Average dilutive restricted stock units
162

 
364

 
389

 
339

Average dilutive performance shares
113

 
35

 
127

 
24

Average dilutive restricted shares
7

 
24

 
8

 
30

Average dilutive performance share units
19

 
—

 
9

 
—

Average dilutive options
—

 
—

 
—

 
—

Diluted weighted average shares of Common Stock
47,006

 
46,593

 
47,144

 
46,652

 
 
 
 
 
 
 
 
Earnings per share of Common Stock:
 
 
 
 
 
 
 
Basic
$
1.04

 
$
0.63

 
$
0.29

 
$
0.03

Diluted
$
1.03

 
$
0.63

 
$
0.29

 
$
0.03