Earnings per Share

12 Months Ended

Apr. 29, 2023

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)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	150,664	$	150,017	$	106,461
Income allocated to participating securities (1)	—		(7)		(46)
Net income available to common Shareholders	$	150,664	$	150,010	$	106,415

Denominator:
Basic weighted average common shares outstanding	43,148		44,023		45,983
Contingent common shares	91		79		171
Stock option dilution	1		192		213
Diluted weighted average common shares outstanding	43,240		44,294		46,367

Earnings per Share:
Basic	$	3.49	$	3.41	$	2.31
Diluted	$	3.48	$	3.39	$	2.30

(1)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 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 exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options is higher than the average market price, since including the options' effect would be anti-dilutive. We excluded options to purchase 1.4 million and 0.2 million shares from the diluted share calculation for the years ended April 29, 2023 and April 30, 2022, respectively. We did not exclude any outstanding options from the diluted share calculation for the fiscal year ended April 24, 2021.