Earnings per Share

6 Months Ended

Jul. 28, 2012

Earnings per Share [Abstract]

Earnings per Share

4.           Earnings per Share

Basic earnings per share is computed using the weighted average number of common shares outstanding during the measurement period.  Diluted earnings per share is computed using the weighted average number of common shares as well as all potentially dilutive common share equivalents outstanding during the measurement period.

Under Accounting Standards Codification ("ASC") 260-10, Earnings Per Share, non-vested stock grants that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the calculation of basic and diluted earnings per share pursuant to the two-class method.  The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings.  Earnings per share has been calculated under the two-class method.

The following tables show the computation of basic and diluted earnings per share for each period (in thousands, except per share amounts):

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	July 28, 2012			July 30, 2011			July 28, 2012			July 30, 2011
Basic EPS:
Net income	$	11,662		$	10,013		$	11,244		$	9,552
Less: Allocation of earnings to participating securities		(173	)		(133	)		(151	)		(85	)
Net income allocated to common shares		11,489			9,880			11,093			9,467
Basic weighted average shares outstanding		31,010			34,236			30,773			35,258
Basic EPS	$	0.37		$	0.29		$	0.36		$	0.27

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	July 28, 2012			July 30, 2011			July 28, 2012			July 30, 2011
Diluted EPS:
Net income	$	11,662		$	10,013		$	11,244		$	9,552
Less: Allocation of earnings to participating securities		(172	)		(132	)		(150	)		(85	)
Net income allocated to common shares		11,490			9,881			11,094			9,467
Basic weighted average shares outstanding		31,010			34,236			30,773			35,258
Add: Dilutive effect of stock awards		215			399			215			467
Diluted weighted average shares outstanding		31,225			34,635			30,988			35,725
Diluted EPS	$	0.37		$	0.29		$	0.36		$	0.27

The following table illustrates the number of stock options and SARs that were outstanding, but not included in the computation of diluted earnings per share because the exercise price of the stock options and SARs was greater than the average market price of the Company's common shares (in thousands):

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	July 28, 2012		July 30, 2011		July 28, 2012		July 30, 2011
Number of anti-dilutive stock options and SARs outstanding		1,341		1,801		1,472		1,787