NET INCOME PER COMMON SHARE

9 Months Ended

Oct. 30, 2011

Notes to Financial Statements [Abstract]

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE

The Company utilizes the two-class method of calculating basic net income per common share, as holders of the Company’s Series A convertible preferred stock participate in dividends with holders of the Company’s common stock. Net losses are not allocated to holders of the Series A convertible preferred stock.

The Company computed its basic and diluted net income per common share as follows:

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	10/30/11			10/31/10			10/30/11			10/31/10
Net income	$	112,239		$	99,848		$	236,635		$	1,611
Less:
Common stock dividends paid to holders of Series A convertible preferred stock	(157		)	(157		)	(471		)	(314		)
Allocation of income to Series A convertible preferred stock	(6,434		)	(5,791		)	(13,442		)	—
Net income available to common stockholders for basic net income per common share	105,648			93,900			222,722			1,297
Add back:
Common stock dividends paid to holders of Series A convertible preferred stock	157			157			471			—
Allocation of income to Series A convertible preferred stock	6,434			5,791			13,442			—
Net income available to common stockholders for diluted net income per common share	$	112,239		$	99,848		$	236,635		$	1,297
Weighted average common shares outstanding for basic net income per common share	67,225			66,140			67,051			61,431
Weighted average impact of dilutive securities	1,549			1,438			1,568			1,414
Weighted average impact of dilutive warrant	—			69			—			97
Weighted average impact of assumed convertible preferred stock conversion	4,189			4,189			4,189			—
Total shares for diluted net income per common share	72,963			71,836			72,808			62,942
Basic net income per common share	$	1.57		$	1.42		$	3.32		$	0.02
Diluted net income per common share	$	1.54		$	1.39		$	3.25		$	0.02

Potentially dilutive securities excluded from the calculation of diluted net income per common share were as follows:

	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	10/30/11	10/31/10	10/30/11	10/31/10
Weighted average antidilutive securities	426	376	356	437

Contingently issuable shares that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income per common share for that period. The Company had contingently issuable awards outstanding that did not meet the performance conditions as of October 30, 2011 and October 31, 2010 and, therefore, were excluded from the calculation of diluted net income per common share for the thirteen and thirty-nine weeks endedOctober 30, 2011 and October 31, 2010. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 601 and 700 as of October 30, 2011 and October 31, 2010, respectively. These amounts were also excluded from the computation of weighted average antidilutive securities. Conversion of the Series A convertible preferred stock into 2,747 weighted average common shares outstanding for the thirty-nine weeks endedOctober 31, 2010 was not assumed because the inclusion thereof would have been antidilutive. This amount was also excluded from the computation of weighted average antidilutive securities.