Earnings per share

6 Months Ended

Aug. 02, 2014

Earnings per share

5. Earnings per share

	13 weeks ended				26 weeks ended
(in millions, except per share amounts)	August 2, 2014		August 3, 2013		August 2, 2014		August 3, 2013
Net income	$	58.0	$	67.4	$	154.6	$	159.2
Basic weighted average number of shares outstanding		79.9		80.3		79.9		80.6
Dilutive effect of share awards		0.3		0.4		0.3		0.4
Diluted weighted average number of shares outstanding		80.2		80.7		80.2		81.0
Earnings per share – basic	$	0.73	$	0.84	$	1.93	$	1.98
Earnings per share – diluted	$	0.72	$	0.84	$	1.93	$	1.97

The basic weighted average number of shares excludes non-vested time-based restricted shares, shares held by the Employee Stock Ownership Trust and treasury shares. Such shares are not considered outstanding and do not qualify for dividends, except for time-based restricted shares for which dividends are earned and payable by the Company subject to full vesting. The effect of excluding these shares is to reduce the average number of shares in the 13 and 26 week periods ended August 2, 2014 by 7,299,705 and 7,286,160 shares, respectively (13 and 26 week periods ended August 3, 2013: 6,848,428 and 6,606,882 shares, respectively). The calculation of fully diluted earnings per share for the 13 and 26 week periods ended August 2, 2014 excludes 5,128 and 2,564 non-vested time-based restricted shares (13 and 26 week periods ended August 3, 2013: 1,071 and 53,421 shares, respectively) on the basis that their effect on earnings per share was anti-dilutive.