Earnings per Share

12 Months Ended

Apr. 26, 2014

Earnings per Share [Abstract]

Earnings per Share

Note 20: 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 were as follows:

	Year Ended
(Amounts in thousands)	4/26/2014			4/27/2013			4/28/2012
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	55,056		$	46,389		$	87,966
Income allocated to participating securities		(422	)		(639	)		(1,650	)
Net income available to common shareholders	$	54,634		$	45,750		$	86,316

	Year Ended
(Amounts in thousands)	4/26/2014		4/27/2013		4/28/2012
Denominator:
Basic weighted average common shares outstanding		52,386		52,351		51,944
Add:
Contingent common shares		1,049		812		—
Stock option dilution		394		522		534
Diluted weighted average common shares outstanding		53,829		53,685		52,478

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 and 0.4 million shares for the years ended April 27, 2013, and April 28, 2012, respectively, with a weighted average exercise price of $20.74 and $19.97, respectively. 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. 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 fiscal year ended April 26, 2014.