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Earnings per Share
 9 Months Ended
Jan. 25, 2014
Earnings per Share [Abstract]  
Earnings per Share
Note 12: 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)
 
1/25/14
  
1/26/13
  
1/25/14
  
1/26/13
 
Numerator (basic and diluted):
 
  
  
  
 
Net income attributable to La-Z-Boy Incorporated
 
$
16,483
  
$
17,064
  
$
42,817
  
$
28,081
 
Income allocated to participating securities
  
(100
)
  
(218
)
  
(354
)
  
(401
)
Net income available to common Shareholders
 
$
16,383
  
$
16,846
  
$
42,463
  
$
27,680
 
 
                
Denominator:
                
Basic weighted average common shares Outstanding
  
52,516
   
52,431
   
52,465
   
52,327
 
Add:
                
Contingent common shares
  
361
   
438
   
501
   
345
 
Stock option dilution
  
349
   
532
   
413
   
529
 
Diluted weighted average common shares Outstanding
  
53,226
   
53,401
   
53,379
   
53,201
 

Contingent common shares reflect the dilutive effect of common shares that would be issued under the terms of performance-based share grants made to employees, assuming the reporting period was the performance period.

We had 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.  We excluded the effect of these options from the diluted share calculation for these periods 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.  There were no outstanding options to purchase shares that were excluded from the diluted share calculation because their effect would have been anti-dilutive for the quarter and nine months ended January 25, 2014.