Earnings per share

3 Months Ended

May 01, 2020

Earnings per share

Earnings per share

2. Earnings per share

Earnings per share is computed as follows (in thousands, except per share data):

	13 Weeks Ended May 1, 2020					13 Weeks Ended May 3, 2019
			Weighted					Weighted
	Net		Average	Per Share		Net		Average	Per Share
	Income		Shares	Amount		Income		Shares	Amount
Basic earnings per share	$	650,446	251,780	$	2.58	$	385,013	259,021	$	1.49
Effect of dilutive share-based awards			1,847					1,244
Diluted earnings per share	$	650,446	253,627	$	2.56	$	385,013	260,265	$	1.48

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined based on the dilutive effect of share-based awards using the treasury stock method.

Share-based awards that were outstanding at the end of the respective periods but were not included in the computation of diluted earnings per share because the effect of exercising such awards would be antidilutive, were 0.7 million and 0.6 million in the respective 13-week periods ended May 1, 2020 and May 3, 2019.