Earnings per Share

9 Months Ended

Jan. 26, 2013

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:

	Third Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/26/13			1/28/12			1/26/13			1/28/12
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	17,064		$	14,958		$	28,081		$	68,364
Income allocated to participating securities		(218	)		(275	)		(401	)		(1,296	)
Net income available to common shareholders	$	16,846		$	14,683		$	27,680		$	67,068
Denominator:
Basic weighted average common shares outstanding		52,431			51,811			52,327			51,928
Add:
Contingent common shares		438			—			345			—
Stock option dilution		532			568			529			512
Diluted weighted average common shares outstanding		53,401			52,379			53,201			52,440

There were outstanding options to purchase 0.2 million shares for the quarter and nine months ended January 26, 2013, with a weighted average exercise price of $20.74, and outstanding options to purchase 0.7 million shares for the quarter and nine months ended January 28, 2012, with a weighted average exercise price of $16.37. 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.