| Earnings Per Share |
Earnings Per Share
| | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended |
| For the Three Months Ended (As restated) |
| November 2, 2013 |
| October 27, 2012 | (In thousands, except per share amounts) | Income (Numerator) |
| Shares (Denominator) |
| Per Share Amount |
| Income (Numerator) |
| Shares (Denominator) |
| Per Share Amount |
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| Earnings from continuing operations | $ | 27,796 |
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| $ | 42,221 |
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| Less: Preferred stock dividends | — |
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| (33 | ) |
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| Basic EPS from continuing operations |
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| Income available to |
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| common shareholders | 27,796 |
|
| 23,329 |
|
| $ | 1.19 |
|
| 42,188 |
|
| 23,584 |
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| $ | 1.79 |
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| Effect of Dilutive Securities from continuing operations |
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| Options |
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| 229 |
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| 331 |
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| Convertible preferred stock(1) | — |
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| — |
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| 22 |
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| 34 |
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| Employees' preferred stock(2) |
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| 46 |
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| 47 |
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| Diluted EPS from continuing operations |
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| Income available to common |
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| shareholders plus assumed |
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| conversions | $ | 27,796 |
|
| 23,604 |
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| $ | 1.18 |
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| $ | 42,210 |
|
| 23,996 |
|
| $ | 1.76 |
|
| | (1) | As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of November 2, 2013. Therefore, convertible preferred stocks were not included in diluted earnings per share for the three months ended November 2, 2013. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for Series 1, 3 and 4 preferred stocks for the three months ended October 27, 2012. Therefore, conversion of these convertible preferred stocks were included in diluted earnings per share for the three months ended October 27, 2012. |
| | (2) | The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculations for the third quarters ended November 2, 2013 and October 27, 2012. |
Note 9 Earnings Per Share, Continued
| | | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended | | For the Nine Months Ended (As restated) | | November 2, 2013 | | October 27, 2012 | (In thousands, except per share amounts) | Income (Numerator) | | Shares (Denominator) | | Per Share Amount | | Income (Numerator) | | Shares (Denominator) | | Per Share Amount | | | | | | | | | | | | | Earnings from continuing operations | $ | 50,770 |
| | | | | | $ | 73,984 |
| | | | | | | | | | | | | | | | | Less: Preferred stock dividends | (33 | ) | | | | | | (114 | ) | | | | | | | | | | | | | | | | | Basic EPS from continuing operations | | | | | | | | | | | | Income available to | | | | | | | | | | | | common shareholders | 50,737 |
| | 23,299 |
| | $ | 2.18 |
| | 73,870 |
| | 23,653 |
| | $ | 3.12 |
| | | | | | | | | | | | | Effect of Dilutive Securities from continuing operations | | | | | | | | | | | | Options | | | 274 |
| | | | | | 386 |
| | | Convertible preferred stock(1) | — |
| | — |
| | | | 66 |
| | 34 |
| | | Employees' preferred stock(2) | | | 46 |
| | | | | | 48 |
| | | | | | | | | | | | | | | Diluted EPS from continuing operations | | | | | | | | | | | | Income available to common | | | | | | | | | | | | shareholders plus assumed | | | | | | | | | | | | conversions | $ | 50,737 |
| | 23,619 |
| | $ | 2.15 |
| | $ | 73,936 |
| | 24,121 |
| | $ | 3.07 |
|
| | (1) | As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of November 2, 2013. Therefore, convertible preferred stocks were not included in diluted earnings per share for the nine months ended November 2, 2013. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for all preferred stocks for the nine months ended October 27, 2012. Therefore, conversion of all the preferred shares was included in diluted earnings per share for the nine months ended October 27, 2012. |
| | (2) | The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculations for the nine months ended November 2, 2013 and October 27, 2012. |
The Company repurchased 337,665 shares of common stock during the nine months ended November 2, 2013 for $20.7 million. During the third quarter of Fiscal 2014, the Company's board of directors increased the share repurchase authorization to $75.0 million. The shares repurchased during the third quarter this year, for a total cost of $9.5 million, will be applied to the new repurchase authorization. Therefore, the Company has $65.5 million remaining under its current $75.0 million share repurchase authorization. The Company repurchased 491,111 shares during the nine months ended October 27, 2012 for $29.4 million of which $1.9 million was not paid in the third quarter but included in other accrued liabilities in the Condensed Consolidated Balance Sheets. |