Equity and Earnings per Share

3 Months Ended

Apr. 30, 2022

7. Equity and Earnings per Share

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


	For the three months ended
	April 30, 2022		May 1, 2021
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		64,080		62,153
Common stock equivalents – stock options, restricted stock units and deferred stock		4,290		847
Diluted weighted average common shares outstanding		68,370		63,000

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
	April 30, 2022		May 1, 2021
(in thousands, except exercise prices)
Stock options		285		1,933
Restricted stock units		494		506
Deferred stock		—		102
Range of exercise prices of such options	$4.87-$5.50		$0.69 - $5.50

The above options, which were outstanding at April 30, 2022, expire from January 31, 2023 to June 29, 2028.

Excluded from the computation of basic and diluted earnings per share were 240,000 shares and 720,000 shares of unvested performance stock units for the three months of fiscal 2022 and fiscal 2021, respectively. 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 of deferred stock at April 30, 2022 and at May 1, 2021 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.