Earnings per Share

3 Months Ended

May 02, 2015

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
	May 2, 2015		May 3, 2014
(in thousands)
Common Stock Outstanding:
Basic weighted average common shares  outstanding		49,019		48,656
Common stock equivalents – stock options and restricted stock (1)		—		—
Diluted weighted average common shares outstanding		49,019		48,656

(1) Common Stock equivalents of483 and 565 shares for the three months ended May 2, 2015 and May 3, 2014, 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
	May 2, 2015		May 3, 2014
(in thousands, except exercise prices)
Stock Options (time-vested)		1,467		1,948
Restricted Stock (time-vested)		—		—
Range of exercise prices of such options	$4.91 - $7.52		$4.96 -  $7.52

The above options, which were outstanding at May 2, 2015, expire from May 9, 2015 to November 10, 2024.

Excluded from the Company’s computation of basic and diluted earnings per share for the first quarter of fiscal 2015 were 933,486 shares of unvested performance-based restricted stock and 1,162,047 performance-based stock options. For the first three months of fiscal 2014, 901,715 shares of unvested performance-based restricted stock and 1,117,547 performance-based stock options were excluded from the Company’s computation of basic and diluted earnings per share. 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, shares of unvested time-based restricted stock of 766,337 and 901,715 were excluded from the computation of basic earnings per share for the first quarter of fiscal 2015 and fiscal 2014, respectively, 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 1,683,623 shares of restricted stock outstanding at May 2, 2015 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.