Equity and Earnings per Share

9 Months Ended

Nov. 02, 2024

Earnings Per Share [Abstract]

Equity and Earnings per Share

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
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		57,135		60,169		57,801		61,612
Common stock equivalents – stock options, restricted stock units and deferred stock (1)		—		3,295		2,841		3,383
Diluted weighted average common shares outstanding		57,135		63,464		60,642		64,995

(1) Common stock equivalents of 2.7 million for the third quarter of fiscal 2024 were excluded from the determination of diluted weighted average common shares outstanding due to the net loss reported for the third quarter of fiscal 2024.

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
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
(in thousands, except exercise prices)
Stock options		36		104		36		99
Restricted stock units and deferred stock		770		41		347		17
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 November 2, 2024, expire from November 10, 2024 to March 20, 2033.

Excluded from the computation of basic and diluted earnings per share were 573,000 shares for the first three and nine months of fiscal 2024. 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, 466,225 shares and 435,568 shares of deferred stock at November 2, 2024 and October 28, 2023, respectively, 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.