Earnings per Share

12 Months Ended

Apr. 28, 2012

Earnings per Share

Note 17: 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)	4/28/2012			4/30/2011			4/24/2010
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	87,966		$	24,047		$	32,701
Income allocated to participating securities		(1,650	)		(472	)		(619	)
Net income available to common shareholders	$	86,316		$	23,575		$	32,082

	Year Ended
(Amounts in thousands)	4/28/2012		4/30/2011		4/24/2010
Denominator:
Basic weighted average common shares outstanding		51,944		51,849		51,533
Add:
Stock option dilution		534		430		199
Diluted weighted average common shares outstanding		52,478		52,279		51,732

We had outstanding options to purchase 0.4 million, 1.2 million and 1.7 million shares for the years ended April 28, 2012, April 30, 2011, and April 24, 2010, respectively, with a weighted average exercise price of $19.97, $15.21, and $15.08, 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.