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Earnings Per Share
3 Months Ended
May 25, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

Note 6 – Earnings Per Share

The following table sets forth the computation of earnings per share and earnings per share—assuming dilution:

 

                 
    Three Months Ended  
    May 25, 2012     May 27, 2011  

Numerator (in thousands):

               

Net income

  $ 7,250     $ 32,593  
   

 

 

   

 

 

 

Denominator (in thousands):

               

Weighted average shares outstanding

    35,506       40,500  

Effect of dilutive securities:

               

Share-based payment awards

    648       1,299  
   

 

 

   

 

 

 

Weighted average shares outstanding – assuming dilution

    36,154       41,799  
   

 

 

   

 

 

 

Earnings per share

  $ 0.20     $ 0.80  
   

 

 

   

 

 

 

Earnings per share – assuming dilution

  $ 0.20     $ 0.78  
   

 

 

   

 

 

 

Approximately 3.7 million and 2.2 million stock options outstanding for the three month periods ended May 25, 2012 and May 27, 2011, respectively, were excluded from the computation of earnings per share–assuming dilution because the options’ exercise prices were greater than the average market price of the common shares during the respective periods.

The Corporation issued 0.1 million Class A common shares upon exercise of employee stock options and vesting of equity awards during the three months ended May 25, 2012. The Corporation issued 0.5 million and 0.3 million Class A common shares and Class B treasury shares, respectively, upon exercise of employee stock options and vesting of equity awards during the three months ended May 27, 2011.