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Earnings per Share
 9 Months Ended
Jan. 25, 2020
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Certain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. Prior to fiscal 2020, we granted restricted stock awards that contained non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method. The restricted stock awards we granted in fiscal 2019 and fiscal 2020 do not have non-forfeitable rights to dividends and therefore are not considered participating securities. The dividends on the restricted stock awards granted in fiscal 2019 and fiscal 2020 are, and will continue to be held in escrow, until the stock awards vest at which time we will pay any accumulated dividends.
The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:
 
 
Quarter Ended
 
Nine Months Ended
(Unaudited, amounts in thousands)
 
1/25/20
 
1/26/19
 
1/25/20
 
1/26/19
Numerator (basic and diluted):
 
 
 
 
 
 
 
 
Net income attributable to La-Z-Boy Incorporated
 
$
34,512

 
$
28,731

 
$
75,174

 
$
67,046

Income allocated to participating securities
 
(45
)
 
(92
)
 
(121
)
 
(231
)
Net income available to common Shareholders
 
$
34,467

 
$
28,639

 
$
75,053

 
$
66,815

 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
 
46,262

 
46,820

 
46,545

 
46,808

Add:
 
 
 
 
 
 
 
 
Contingent common shares
 
148

 
131

 
147

 
135

Stock option dilution
 
174

 
140

 
175

 
269

Diluted weighted average common shares outstanding
 
46,584

 
47,091

 
46,867

 
47,212

 
 
 
 
 
 
 
 
 
Earnings per Share:
 
 
 
 
 
 
 
 
Basic
 
$
0.75

 
$
0.61

 
$
1.61

 
$
1.43

Diluted
 
$
0.74

 
$
0.61

 
$
1.60

 
$
1.42


The values for contingent common shares set forth above reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period.
We had outstanding options to purchase 0.3 million shares for the quarter and nine months ended January 25, 2020, with a weighted average exercise price of $33.15. We excluded the effect of these options from our diluted share calculation since the weighted average exercise price of the options was higher than the average market price and including the options’ effect would have been anti-dilutive. Similarly, we excluded options to purchase 0.4 million shares from the diluted share calculation for the quarter and nine months ended January 26, 2019.