Earnings per Share

9 Months Ended

Oct. 31, 2020

7. 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 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		51,545		50,089		51,127		49,853
Common stock equivalents – stock options and restricted stock ⁽¹⁾		—		—		—		—
Diluted weighted average common shares outstanding		51,545		50,089		51,127		49,853

(1)

Common stock equivalents of 134 shares and 172 shares for the three and nine months ended October 31, 2020, respectively, and 324 shares and 404 shares for the three and nine months ended November 2, 2019, respectively, were excluded due to the net loss in each period.

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 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
(in thousands, except exercise prices)
Stock options		3,676		819		3,676		804
Restricted stock units		833		1,242		833		679
Restricted and deferred stock		191		114		191		114
Range of exercise prices of such options	$0.53 - $7.02		$1.85 - $7.02		$0.53 - $7.02		$2.25 - $7.02

The above options, which were outstanding at October 31, 2020, expire from January 31, 2021 to June 11, 2030.

Excluded from the computation of basic and diluted earnings per share for both periods were 720,000 shares of unvested performance stock units. 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, 316,703 shares and 267,851 shares of deferred stock at October 31, 2020 and November 2, 2019, respectively, were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period.