Equity and Earnings per Share

9 Months Ended

Oct. 28, 2023

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				For the nine months ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		60,169		62,016		61,612		62,928
Common stock equivalents – stock options, restricted stock units and deferred stock		3,295		4,213		3,383		4,178
Diluted weighted average common shares outstanding		63,464		66,229		64,995		67,106

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 or restricted stock units had an anti-dilutive effect.


	For the three months ended				For the nine months ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
(in thousands, except exercise prices)
Stock options		104		31		99		256
Restricted stock units		41		55		17		65
Range of exercise prices of such options	$4.48-$6.59		$4.48 - $6.59		$4.48 - $6.59		$4.48 - $6.59

The above options, which were outstanding at October 28, 2023, expire from January 29, 2024 to March 20, 2033.

Excluded from the computation of basic and diluted earnings per share were 573,000 shares for the third quarter and first nine months of fiscal 2023 and 240,000 shares for the third quarter and first nine months of fiscal 2022 of unvested performance stock units. These performance-based awards are 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 October 28, 2023 and at October 29, 2022 were

excluded from the computation of basic earnings per share. Shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period.