5. 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 six months ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
(in thousands)
Common Stock Outstanding:
Basic weighted average common shares outstanding		49,531		49,081		49,522		49,050
Common stock equivalents – stock options and restricted stock ⁽¹⁾		422		—		380		—
Diluted weighted average common shares outstanding		49,953		49,081		49,902		49,050

(1)

Common Stock equivalents of 483 and 508 shares for the second quarter and first six months ended August 1, 2015, respectively, were excluded due to a 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 or because of the unearned compensation associated with either stock options, restricted stock units, restricted or deferred stock had an anti-dilutive effect.

	For the three months ended				For the six months ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
(in thousands, except exercise prices)
Stock Options (time-vested)		1,245		1,467		1,245		1,461
Restricted Stock Units (time-vested)		13		—		428		—
Restricted and Deferred Stock		7		—		15		19
Range of exercise prices of such options	$4.91 - $7.52		$4.91 - $7.52		$4.91 - $7.52		$4.96 - $7.52

The above options, which were outstanding at July 30, 2016, expire from October 22, 2017 to November 2, 2025.

Excluded from the Company’s computation of basic and diluted earnings per share for the second quarter and first six months of fiscal 2016 were 941,082 shares of unvested performance-based restricted stock and 1,181,168 performance-based stock options. For the second quarter and first six months of fiscal 2015, 933,486 shares of unvested performance-based restricted stock and 1,162,047 performance-based stock options were excluded from the Company’s computation of basic and diluted earnings per share for both periods. 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 374,062 for the second quarter and first six months of fiscal 2016 and 729,581 shares for the second quarter and first six months of fiscal 2015 were excluded from the computation of basic earnings per share and will continue to be excluded until such shares vest. See Note 3, Long-Term Incentive Plans, 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 1,315,144 shares of restricted stock outstanding at July 30, 2016 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.