EARNINGS PER SHARE AND STOCK REPURCHASES

9 Months Ended

Feb. 28, 2012

EARNINGS PER SHARE AND STOCK REPURCHASES [Abstract]

EARNINGS PER SHARE AND STOCK REPURCHASES

NOTE B – EARNINGS PER SHARE AND STOCK REPURCHASES

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during each period presented.  Diluted earnings per share gives effect to stock options and restricted stock outstanding during the applicable periods.  The following table shows the calculation of weighted average common and dilutive potential common shares outstanding as presented in the accompanying Condensed Consolidated Statements of Income (in thousands):

	Thirteen weeks ended				Thirty-nine weeks ended
	February 28, 2012		March 1,  2011		February 28, 2012		March 1,  2011
Net income	$	4,536	$	16,000	$	5,628	$	32,962
Weighted average common
shares outstanding		62,643		64,177		62,999		63,956
Dilutive effect of stock
options and restricted stock		410		1,060		504		893
Weighted average common
and dilutive potential
common shares outstanding		63,053		65,237		63,503		64,849
Basic earnings per share	$	0.07	$	0.25	$	0.09	$	0.52
Diluted earnings per share	$	0.07	$	0.25	$	0.09	$	0.51

Stock options with an exercise price greater than the average market price of our common stock and certain options with unrecognized compensation expense do not impact the computation of diluted earnings per share because the effect would be anti-dilutive.  The following table summarizes stock options and restricted shares that did not impact the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect (in thousands):

	Thirteen weeks ended				Thirty-nine weeks ended
	February 28, 2012		March 1,  2011		February 28, 2012		March 1,  2011
Stock options		2,564		2,326		2,237		2,810
Restricted shares		917		388		905		439
Total		3,481		2,714		3,142		3,249

During the first quarter of fiscal 2012, we repurchased 2.0 million shares of our common stock at a cost of $18.4 million.  As of February 28, 2012, the total number of remaining shares authorized by our Board of Directors to be repurchased was 5.9 million.  No shares were repurchased during the quarter ended February 28, 2012.