Earnings per Share

9 Months Ended

Nov. 01, 2014

Earnings Per Share [Abstract]

Earnings per Share

4. 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
	November1, 2014		November 2, 2013		November 1, 2014		November 2, 2013
(in thousands)
Common Stock Outstanding:
Basic weighted average common shares  outstanding		48,773		48,553		48,724		48,441
Common stock equivalents – stock options and restricted stock (1)		—		—		—		—
Diluted weighted average common shares outstanding		48,773		48,553		48,724		48,441

(1) Common Stock equivalents of558 and 594 shares for the three months ended November 1, 2014 and November 2, 2013, respectively, and 534 and 282 shares for the nine months ended November 1, 2014 and November 2, 2013, respectively, 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.

	For the three months ended				For the nine months ended
	November 1, 2014		November 2, 2013			November 1, 2014		November 2, 2013
(in thousands, except exercise prices)
Stock Options (time-vested)		1,522		1,759			1,480		2,214
Restricted Stock (time-vested)		—		—			—		1,099
Range of exercise prices of such options	$4.96-$7.52		$4.96 -  $10.26			$4.96-$7.52		$4.54 - $10.26

The above options, which were outstanding at November 1, 2014, expire from May 5, 2015 to January 31, 2024.

Excluded from the Company’s computation of basic and diluted earnings per share for the third quarter and first nine months of fiscal 2014, were 948,190 shares of unvested performance-based restricted stock and 1,175,971 performance-based stock options. 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, another 948,190 shares of unvested time-based restricted stock were excluded from the computation of basic earnings per share until such shares vest. See Note 3, Stock-Based Compensation, for a discussion of the Company’s 2013-2016 LTIP and the respective performance targets.

Although the shares of performance-based and time-based restricted stock issued in connection with the 2013-2016 LTIP are not considered outstanding or common stock equivalents for earnings per share purposes until certain vesting and performance thresholds are achieved, all 1,896,380 shares of restricted stock are considered issued and outstanding. Each share of restricted stock has all of the rights of a holder of the Company’s common stock, including, but not limited to, the right to vote and the right to receive dividends, which rights are forfeited if the restricted stock is forfeited.