Earnings per Share

6 Months Ended

Jul. 31, 2021

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 six months ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		63,527		51,078		62,840		50,918
Common stock equivalents – stock options, restricted stock units and deferred stock ⁽¹⁾		4,088		—		3,098		—
Diluted weighted average common shares outstanding		67,615		51,078		65,938		50,918

(1)

Common stock equivalents of 178 shares and 206 shares for the three and six months ended August 1, 2020 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 or because the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect.

	For the three months ended				For the six months ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
(in thousands, except exercise prices)
Stock options		409		3,676		424		3,676
Restricted stock units		—		963		—		963
Deferred stock		—		160		—		160
Range of exercise prices of such options	$4.49 - $5.50		$0.53 - $7.02		$2.25 - $5.50		$0.53 - $7.02

The above options, which were outstanding at July 31, 2021, expire from January 31, 2023 to June 29, 2028.

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, 435,568 shares and 327,382 shares of deferred stock at July 31, 2021 and August 1, 2020, 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.