Equity and Earnings per Share

9 Months Ended

Oct. 30, 2021

7. Equity and Earnings per Share

At the Company's Annual Meeting of Stockholders held on August 5, 2021, the shareholders approved an amendment to the Company’s Restated Certificate of Incorporation to increase the authorized number of shares of its common stock from 100.0 million shares to 125.0 million shares.

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:


	For the three months ended				For the nine months ended
	October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		63,699		51,545		63,126		51,127
Common stock equivalents – stock options, restricted stock units and deferred stock (1)		4,945		—		4,252		—
Diluted weighted average common shares outstanding		68,644		51,545		67,378		51,127

(1)

Common stock equivalents of 134 shares and 172 shares for the three and nine months ended October 31, 2020 were excluded due to the net loss.

The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each period because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect.


	For the three months ended				For the nine months ended
	October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020
(in thousands, except exercise prices)
Stock options		—		3,676		386		3,676
Restricted stock units		—		833		—		833
Deferred stock		—		191		—		191
Range of exercise prices of such options		—	$0.53 - $7.02		$4.19 - $5.50		$0.53 - $7.02

The above options, which were outstanding at October 30, 2021, expire from January 31, 2023 to June 29, 2028.

Excluded from the computation of basic and diluted earnings per share were 480,000 shares for the three and nine months of fiscal 2021 and 720,000 shares of unvested performance stock units for the three and nine months of fiscal 2020. These performance-based awards

will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 435,568 shares and 316,703 shares of deferred stock at October 30, 2021 and October 31, 2020, respectively, were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period.