Earnings per Share

12 Months Ended

Apr. 24, 2021

Earnings per ShareCertain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. Prior to fiscal 2019, 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 2021, 2020 and 2019 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 2021, 2020 and 2019 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:


	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/24/2021		4/25/2020		4/27/2019
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	106,461	$	77,469	$	68,574
Income allocated to participating securities	(46)		(117)		(225)
Net income available to common Shareholders	$	106,415	$	77,352	$	68,349

Denominator:
Basic weighted average common shares outstanding	45,983		46,399		46,828
Add:
Contingent common shares	171		211		242
Stock option dilution	213		126		263
Diluted weighted average common shares outstanding	46,367		46,736		47,333

Earnings per Share:
Basic	$	2.31	$	1.67	$	1.46
Diluted	$	2.30	$	1.66	$	1.44

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 did not exclude any outstanding options from the diluted share calculation for the fiscal year ended April 24, 2021. We exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options are higher than the average market price, since including the options' effect would be anti-dilutive. We excluded options to purchase 0.3 million and 0.4 million shares from the diluted share calculation for the years ended April 25, 2020 and April 27, 2019, respectively.