Computation of Earnings Per Common Share

9 Months Ended

Apr. 28, 2012

Computation of Earnings Per Common Share [Abstract]

Computation of Earnings Per Common Share

2. Computation of Earnings Per Common Share

Basic earnings 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 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 per common share calculations if their effect would be anti-dilutive. The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per common share computation as required by FASB ASC Topic 260, Earnings Per Share.

	For the Three Months Ended				For the Nine Months Ended
	April 28,		April 30,		April 28,		April 30,
	2012		2011		2012		2011
	(Dollars in thousands, except per share amounts)
Net income available to common stockholders (numerator)	$	9,645	$	1,489	$	26,096	$	3,142
Weighted-average number of common shares (denominator)		33,741,255		34,706,822		33,669,974		35,800,175
Basic earnings per common share	$	0.29	$	0.04	$	0.78	$	0.09
Weighted-average number of common shares		33,741,255		34,706,822		33,669,974		35,800,175
Potential common stock arising from stock options, and unvested restricted share units		941,636		616,845		846,928		330,410
Total shares-diluted (denominator)		34,682,891		35,323,667		34,516,902		36,130,585
Diluted earnings per common share	$	0.28	$	0.04	$	0.76	$	0.09
Anti-dilutive weighted shares excluded from the calculation of earnings per share		1,166,613		2,051,652		1,245,950		2,054,837