NET INCOME PER COMMON SHARE

9 Months Ended

Oct. 28, 2012

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
	10/28/12			10/30/11			10/28/12			10/30/11
Net income	$	165,409		$	112,239		$	346,225		$	236,635
Less:
Common stock dividends paid to holders of Series A convertible preferred stock	(78		)	(157		)	(287		)	(471		)
Allocation of income to Series A convertible preferred stock	(4,689		)	(6,434		)	(11,930		)	(13,442		)
Net income available to common stockholders for basic net income per common share	160,642			105,648			334,008			222,722
Add back:
Common stock dividends paid to holders of Series A convertible preferred stock	78			157			287			471
Allocation of income to Series A convertible preferred stock	4,689			6,434			11,930			13,442
Net income available to common stockholders for diluted net income per common share	$	165,409		$	112,239		$	346,225		$	236,635
Weighted average common shares outstanding for basic net income per common share	70,586			67,225			69,843			67,051
Weighted average impact of dilutive securities	1,304			1,549			1,332			1,568
Weighted average impact of assumed convertible preferred stock conversion	2,095			4,189			2,555			4,189
Total shares for diluted net income per common share	73,985			72,963			73,730			72,808
Basic net income per common share	$	2.28		$	1.57		$	4.78		$	3.32
Diluted net income per common share	$	2.24		$	1.54		$	4.70		$	3.25

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

	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	10/28/12	10/30/11	10/28/12	10/30/11
Weighted average potentially dilutive securities	329	426	350	356

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 28, 2012 and October 30, 2011 and, therefore, were excluded from the calculation of diluted net income per common share for the thirty-nine weeks endedOctober 28, 2012 and October 30, 2011. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 372 and 601 as of October 28, 2012 and October 30, 2011, respectively. These amounts were also excluded from the computation of weighted average antidilutive securities.