Computation of Earnings Per Common Share

6 Months Ended

Jan. 28, 2012

Computation of Earnings Per Common Share [Abstract]

Computation of Earnings Per Common Share

2. Computation of Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average common shares outstanding for the period and dilutive potential common shares, including unvested time vesting and certain performance vesting restricted share units. Performance vesting restricted share units are only included in diluted earnings (loss) per common share calculations for the period if all the necessary performance conditions are satisfied and their impact is not anti-dilutive. Common stock equivalents related to stock options are excluded from diluted earnings (loss) per common share calculations if their effect would be anti-dilutive. For the three months ended January 29, 2011, all common stock equivalents related to stock options and unvested restricted shares and restricted share units were excluded from the diluted loss per share calculation as their effect would be anti-dilutive due to the Company's net loss for the period. The following is a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per common share computation as required by FASB ASC Topic 260, Earnings Per Share.

	For the Three Months Ended					For the Six Months Ended
	January 28,		January 29,			January 28,		January 29,
	2012		2011			2012		2011
	(Dollars in thousands except per share amounts)
Net income (loss) available to common stockholders (numerator)	$	3,485	$	(5,094	)	$	16,451	$	1,653
Weighted-average number of common shares (denominator)		33,759,015		35,221,017			33,633,596		36,343,068
Basic earnings (loss) per common share	$	0.10	$	(0.14	)	$	0.49	$	0.05
Weighted-average number of common shares		33,759,015		35,221,017			33,633,596		36,343,068
Potential common stock arising from stock options, and unvested restricted share units		877,505		-			797,823		223,604
Total shares-diluted (denominator)		34,636,520		35,221,017			34,431,419		36,566,672
Diluted earnings (loss) per common share	$	0.10	$	(0.14	)	$	0.48	$	0.05
Anti-dilutive weighted shares excluded from the calculation of earnings (loss) per share		1,220,534		3,835,140			2,011,358		2,954,748