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EARNINGS PER SHARE
 6 Months Ended
Jul. 28, 2012
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 9—EARNINGS PER SHARE

 

The following table presents the calculation of basic and diluted earnings per share for earnings from continuing operations and net earnings:

 

 

 

Thirteen Weeks Ended

 

Twenty-six Weeks Ended

 

(in thousands, except per share amounts)

 

 

July 28,
2012

 

July 30,
2011

 

July 28,
2012

 

July 30,
2011

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Earnings from continuing operations

 

$

33,034

 

$

13,891

 

$

34,168

 

$

26,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations, net of tax

 

14

 

52

 

(58

)

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

33,048

 

$

13,943

 

$

34,110

 

$

26,311

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

 

Basic average number of common shares outstanding during period

 

53,146

 

52,952

 

53,110

 

52,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price

 

651

 

697

 

765

 

691

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

 

Diluted average number of common shares assumed outstanding during period

 

53,797

 

53,649

 

53,875

 

53,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations (a/b)

 

$

0.62

 

$

0.26

 

$

0.64

 

$

0.49

 

 

 

Discontinued operations, net of tax

 

—

 

—

 

—

 

—

 

 

 

Basic earnings per share

 

$

0.62

 

$

0.26

 

$

0.64

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations (a/c)

 

$

0.61

 

$

0.26

 

$

0.63

 

$

0.49

 

 

 

Discontinued operations, net of tax

 

—

 

—

 

—

 

—

 

 

 

Diluted earnings per share

 

$

0.61

 

$

0.26

 

$

0.63

 

$

0.49

 

 

At July 28, 2012 and July 30, 2011, respectively, there were 2,382,000 and 2,682,000 outstanding options and restricted stock units. Certain stock options were excluded from the calculation of diluted earnings per share because their exercise prices were greater than the average market price of the common shares for the periods then ended and therefore would be anti-dilutive. The total number of such shares excluded from the diluted earnings per share calculation are 503,000 and 830,000 for the twenty-six weeks ended July 28, 2012 and July 30, 2011, respectively. The total number of such shares excluded from the diluted earnings per share calculation are 706,000 and 888,000 for the thirteen weeks ended July 28, 2012 and July 30, 2011, respectively.