Earnings per Share

6 Months Ended

Oct. 27, 2012

Earnings per Share [Abstract]

Earnings per Share

Note 11: Earnings per Share

Certain share-based payment awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities.  We grant restricted stock awards that contain non-forfeitable rights to dividends on unvested shares; as participating securities, the unvested shares are required to be included in the calculation of our basic earnings per common share, using the two-class method.

A reconciliation of the numerators and denominators used in the computations of basic and diluted earnings per share is as follows:

	Second Quarter Ended						Six Months Ended
(Unaudited, amounts in thousands)	10/27/12			10/29/11			10/27/12			10/29/11
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	6,619		$	7,870		$	11,017		$	53,406
Income allocated to participating securities		(88	)		(150	)		(166	)		(1,026	)
Net income available to common shareholders	$	6,531		$	7,720		$	10,851		$	52,380
	Second Quarter Ended						Six Months Ended
	10/27/12			10/29/11			10/27/12			10/29/11
Denominator:
Basic weighted average common shares outstanding		52,356			52,055			52,274			51,999
Add:
Contingent common shares		366			—			366			—
Stock option dilution		546			420			529			459
Diluted weighted average common shares outstanding		53,268			52,475			53,169			52,458

There were outstanding options to purchase 0.2 million shares for the quarter and six months ended October 27, 2012, with a weighted average exercise price of $20.74, and outstanding options to purchase 1.1 million shares for the quarter and six months ended October 29, 2011, with a weighted average exercise price of $14.16.  We excluded the effect of these options from the diluted share calculation since, for each period presented, 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.