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 nine months ended
	October 29, 2016		October 31, 2015		October 29, 2016		October 31, 2015
(in thousands)
Common Stock Outstanding:
Basic weighted average common shares outstanding		49,552		49,116		49,532		49,072
Common stock equivalents – stock options and restricted stock ⁽¹⁾		—		—		—		—
Diluted weighted average common shares outstanding		49,552		49,116		49,532		49,072

(1)

Common stock equivalents of 483 and 402 shares for the third quarter and first nine months ended October 29, 2016, respectively, and common stock equivalents of 700 and 560 shares for the third quarter and first nine months ended October 31, 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 nine months ended
	October 29, 2016		October 31, 2015		October 29, 2016		October 31, 2015
(in thousands, except exercise prices)
Stock Options (time-vested)		1,232		183		1,232		1,214
Restricted Stock Units (time-vested)		3		—		409		—
Restricted and Deferred Stock		2		—		10		15
Range of exercise prices of such options	$4.49 - $7.52		$5.27 - $7.52		$4.49 - $7.52		$4.96 - $7.52

The above options, which were outstanding at October 29, 2016, expire from October 22, 2017 to September 11, 2026.

Excluded from the Company’s computation of basic and diluted earnings per share for the third quarter and first nine months of fiscal 2016 were 893,621 shares of unvested performance-based restricted stock and 1,125,317 performance-based stock options. For the third quarter and first nine 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 356,227 for the third quarter and first nine months of fiscal 2016 and 729,581 shares for the third quarter and first nine 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 1,249,848 shares of restricted stock outstanding at October 29, 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.